Rio Tinto invests $170m in Guinea
Tuesday 03 August 2010
Rio Tinto outlined plans to invest $170m (£107m) in the Simandou iron ore project in Guinea yesterday, despite ongoing disagreements with the West African state's government over various blocks on the asset.
The investment, which comes on top of the $650m already spent on exploration work, was welcomed by Guinea's Mines Minister, Mahmoud Thiam, who said yesterday that he welcomed anything that would speed up eventual production at Simandou, widely acknowledged as a world-class iron ore deposit. However, the minister also warned Rio Tinto not to pursue claims over two blocks on the project, which the Conakry administration claims the Anglo-Australian mining giant has lost its right to.
Rio Tinto, which still has rights with its partners over two other blocks, has argued that it still has concessions over all the blocks, claiming it has "firm rights".
- 1 Replica Back to the Future Hoverboard released
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
- 4 A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
- 5 Gamers confess the worst things they've done in The Sims
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Germanwings crash: 'Andreas Lubitz planned to marry pregnant girlfriend', claims German report
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...
£150 - £190 Daily Rate: Sheridan Maine: One of London's leading water supplier...