{"id":38130,"date":"2024-06-05T14:09:19","date_gmt":"2024-06-05T04:09:19","guid":{"rendered":"https:\/\/www.vibewire.com.au\/?p=38130"},"modified":"2024-06-05T14:09:25","modified_gmt":"2024-06-05T04:09:25","slug":"work-starts-on-17bn-iron-ore-rail-and-port-scheme-in-guinea","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=38130","title":{"rendered":"Work starts on $17bn iron ore rail-and-port scheme in Guinea"},"content":{"rendered":"\n

The \u201cTrans-Guinean Railway\u201d will link the Simandou iron ore deposits to a port to be built at Matakong, an island near the Sierra Leone border.<\/p>\n\n\n\n

The cost of the infrastructure is expected to be in the region of $17bn, an expense the consortium justifies by the size and purity of the Simandou reserves.<\/p>\n\n\n\n

According to<\/a> Rio Tinto, which is involved in mining the ore, the hills contain the world\u2019s largest remaining untapped reserve of high-grade iron ore, estimated at over 2 billion tonnes.<\/p>\n\n\n\n

The rail system will be dual-track, and will be built to higher standards than a typical line because it will have to carry 10,000-tonne trains. The line will have 12 stations, 213 bridges and four tunnels.<\/p>\n\n\n\n

RioTinto is working in conjunction with the government of Guinea and Winning Consortium Simandou (WSD), a company it set up in conjunction with Winning International Group, a conglomerate based in Singapore with offices in China, Indonesia, and Guinea.<\/p>\n\n\n\n

Rio Tinto plans to invest $6.2bn in the mine, rail and port project, in conjunction with a number of other companies, including five from China.<\/p>\n\n\n\n

In November 2019, WSD was awarded a concession to develop two blocks of the Simandou deposit.<\/p>\n\n\n\n

The work is being undertaken by La Compagnie du TransGuin\u00e9en (CTG), formed by WSD and Rio Tinto in March 2022.<\/p>\n\n\n\n

Both main partners own a 42.5% equity share, with the government of Guinea taking the remaining 15%. This entity will manage the construction and operation of the railway and port.<\/p>\n\n\n\n

Dominic Barton, chair of Rio Tinto, said the scheme would \u201credefine Guinea\u2019s economic and social landscape for generations to come\u201d.<\/p>\n\n\n\n

In March last year, the US Securities and Exchange Commission (SEC) announced charges<\/a> against Rio Tinto for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme involving a consultant in Guinea.<\/p>\n\n\n\n

The SEC\u2019s investigation uncovered that the consultant, acting as Rio Tinto\u2019s agent, offered and attempted to make an improper payment of at least $822,000 to a Guinean government official in connection with the consultant\u2019s efforts to help Rio Tinto retain its mining rights in the Simandou region. <\/p>\n\n\n\n

Rio Tinto agreed to pay a $15m civil penalty to settle the charges without admitting or denying the SEC\u2019s findings.<\/p>\n","protected":false},"excerpt":{"rendered":"

A consortium of companies including mining giant Rio Tinto has broken ground on a 650km railway in the West African state of Guinea to ship iron ore.<\/p>\n","protected":false},"author":21,"featured_media":38131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[8231,6580,163,1170],"tags":[8920,8921,7],"class_list":["post-38130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-civil-construction","category-ports","category-rail-industry-news-australia-new-zealand","category-track-and-civil","tag-guinea","tag-rio-tinto","tag-transport"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t