Roll up! Roll up! Rio Tinto (NYSE:RIO) is putting its bets on the table! The big news on the block is that Rio Tinto is estimating a whopping $6.2B to kickstart the Simandou iron ore project in Guinea. Can you imagine? That’s enough to make your eyes water!
Simandou, ladies and gentlemen, is believed to be the largest untapped high-grade iron ore deposit in the world! Rio Tinto, with its partners – China’s Chalco Iron Ore Holdings and the government of Guinea, is ready to roll the dice as it owns two of the four Simandou mining blocks. Now, isn’t that something to talk about?
According to the latest scoop, Rio (RIO) is aiming for the first production from the Simfer mine to hit the stage in 2025. And it’s not going to hold back! It plans to reach a staggering capacity of 60M metric tons per year in just about 30 months, with Rio’s share in it hitting 27M tons annually. Talk about aiming high!
And let me tell you, folks, the Simfer JV mine concession is no small fry! It’s estimated to hold a massive 2.8B tons of mineral resource, with Rio (RIO) reporting the conversion of a jaw-dropping 1.5B tons to ore reserves, enough to support a mine life of 26 years! And get this, with an average grade of 65.3% iron and super low impurities, Rio’s got a winning hand up its sleeve!
But wait, there’s more! Rio (RIO) is all set to kick off its 2023 Investor Seminar in Sydney, where it’ll keep y’all updated on how it plans to hit the jackpot with its long-term strategy – investing with discipline to strengthen operations and deliver growth in a world that’s going green. That’s what I call playing the game smart!