Assessing the competitiveness of the supply side response. Simandou mine area the emails inside rio tintos heart of darkness the key players the prize statement from sacked executive alan davies on november 17 email to staff from rio tinto ceo jeansebastien jacques on november 14 confidential emails between rio tinto executives tom albanese, sam walsh and alan davies. Statecontrolled chinalco owns 40% and the guinea government 15%. Did the world bank just kill rio tintos massive simandou. Job openning at rio tinto simandou iron ore project in guinea. Rio tinto recognises that biodiversity and ecosystem. Changes to simandou ore reserves and mineral resources. Chinabacked jv set to start work at simandou mining. These summaries are not interpretations of the documents. Rio tinto has axed energy and minerals chief executive alan davies and legal and regulatory affairs group executive debra valentine following the africa payments scandal. April 20 and record a conversation about documents. Aug 31, 2018 the company, however, believed that this was a pretext and that its rivals had bribed gog officials to secure their share of simandou. The simandou iron ore project is located in eastern guinea, approximately 600km from the guinean coast and 400km from the liberian coast.
Simandou rio tinto iron ore mine report wood mackenzie. Specifically, the simandou concession was held by simfer s. The simandou mine is a large iron mine located in the simandou mountain range of southern. Bsg resources, a company associated with israeli diamond billionaire beny steinmetz, warned rio tinto lon, asx. The original partners were rio tinto working with the government of guinea, chalco and the international finance corporation ifo. The groups worldwide operations supply essential minerals and metals that. The angloaustralian groups newly appointed ceo, jean.
Rio tinto terminates executives over simandou investigation. The drill core photos are stored as image files on the site geology server and. Oct 18, 2016 rio tinto s massive simandou iron ore project in west africa just had another nail driven into its coffin after the world bank announced it was forcing the miner to buy out its stake in the project. Lest rio tinto lose its remaining rights to blocks 3 and. Rio tinto holds a 45% stake in blocks three and four of simandou, which it is actively planning to develop.
Assessing the competitiveness of the supply side response to. Rio to restructure simandou for chinese infrastructure miningmx. Rio went on to complete the study phase in early 20 and negotiated the investment framework with the government. Rio tinto and chinalco are close to agreeing a deal that would see the chinese finance the predevelopment of rio tintos simandou iron ore field in guinea, africa, in return for a stake. Rio has said it remains interested in retaining its existing stake in simandou. Before using a printed, uncontrolled copy, verify that it is the most current version by checking the document effective date on the corporate hse portal. Rio executive heads roll after simandou scandal australian. May 15, 2017 rio tinto had the rights to all of simandou until 2008, when thenpresident lansana conte stripped it of the northern half. The civilisation living there at the time were mining red ochre and specularite, a reflective form of iron ore, from a deep tunnel in a hillside some 45,000 years ago. It has been at the center of a power struggle for almost a decade.
The groups worldwide operations supply essential minerals and metals that help to meet global needs and. The simandou project has become a notorious example in the mining industry because of accusations that a rival of rio tinto corruptly gained control of half the concession. Why rio tinto reversed course on the massive simandou iron. In 2008 rio tinto group, the licensee of the simandou concession, was ordered by the. The mining project involved the greenfield development of the. Overall, iron ore sales were broadly inline with no change to the 2012 outlook, while a strong copper performance more than offset disappointing coking coal production. Bsgr to file multibillion lawsuit against rio over simandou. Rio tinto boss seeks to quell crisis over simandou. Chinalco to team up with rio tinto on simandou project. We produce iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds that set the standard for responsible, titanium. Rio tinto solid where it counts event rio tinto reported q2 production results.
Simandou iron ore project mining technology mining. Rio tinto is a leading international mining group headquartered in the uk, combining rio tinto plc, a public company listed on the london stock exchange, and rio tinto limited, which is listed on the. Jan 27, 2014 rio tinto simandou image courtesy of rio tinto simandou the oldest known mine in the world was discovered in the hills around ngwenya swaziland. Rio tintos simandou iron ore project in the south east of guinea will be the largest integrated mining project in. Inside rio tintos heart of darkness the australian. Please have the email address of the person you want to send files. Rio tinto has earlier told the market that simandou has a resource of 2. You can use this service to securely exchange files with anyone at rio tinto. The rio tinto simandou south mine development project is an iron ore exploration and mining project located in the republic of guinea. Rio tintos interest in the simandou iron ore project is. Rio tintos massive simandou iron ore project in west africa just had another nail driven into its coffin after the world bank announced it was forcing the miner to buy out its stake in the project.
Blocks 1 and 2 of simandou confiscated from rio tinto. Slideshow 4 images steinmetzs bsgr bought it and then sold 51. Rio tinto terminates executives over simandou investigation wsj. Rio tintos 2017 annual report, released to the market includes a write back of ore reserves to mineral resources at the simandou iron ore project, in guinea. Rio tinto said it would restructure the simandou iron ore project in guinea to facilitate access to infrastructure funding from china.
Mar 16, 2010 rio tinto and chinalco are close to agreeing a deal that would see the chinese finance the predevelopment of rio tinto s simandou iron ore field in guinea, africa, in return for a stake. Simfer is the concession licenceholder of the simandou iron ore project. Rio tinto had the rights to all of simandou until 2008, when thenpresident lansana conte stripped it of the northern half. The original partners were rio tinto working with the government of guinea, chalco and the international finance corporation. Rio tinto selling stake in simandou to china australian. Simandou mine area the emails inside rio tintos heart of darkness the key players the prize statement from sacked executive alan davies on november 17 email to staff from rio tinto. Srks involvement in simandou srk is working in collaboration with rio tinto on preparing a mineral resource estimate of the simandou iron ore project in guinea, west africa. Rio tinto simandou image courtesy of rio tinto simandou the oldest known mine in the world was discovered in the hills around ngwenya swaziland.
Job openning at rio tinto simandou iron ore project in. Srks involvement in simandou iron ore srk consulting news. Changes to rio tinto simandou ore reserves and mineral resources. Extensive engagement with potential infrastructure investors has taken place.
Rio tinto suspends executive as it investigates guinea. Mineco, a guinean subsidiary of rio tinto, chinas chalco, and. Aug 03, 2016 rio tinto said it would restructure the simandou iron ore project in guinea to facilitate access to infrastructure funding from china. Mine process plant project iron ore guinea 100 mtpa simandouproject the rio tinto simandou south mine development project is an iron ore exploration and mining project located in the republic of guinea. Rio to restructure simandou for chinese infrastructure. Rio tinto says guinea iron ore partner ifc to sell stake. The company, however, believed that this was a pretext and that its rivals had bribed gog officials to secure their share of simandou. The first shipment of iron ore from simandou is expected in 2015.
The simandou project, located in the southeast of guinea, is widely believed to be one of the largest undeveloped iron ore projects in the world. In the 2011 20f, with respect to the simandou project, rio tinto stated, in part. The official copy of this file is available on the rio tinto corporate hse portal. Changes to rio tinto simandou ore reserves and mineral. Rio tinto selling stake in simandou to china australian mining. Please have the email address of the person you want to send files to. Rio tinto fires two senior executives amid payment probe. Simandou is a major new project for rio tinto s iron ore group, located in guinea, west africa. Company announcements 1 approved greenfield development projects of rio tinto, vale, bhp billiton and anglo american. Rio tinto data room refers to the controlledaccess computer database established in november 2008 to facilitate vales due diligence process in connection with a potential joint venture, partnership. Nov 16, 2016 said it was investigating rio tinto for possible violations of federal securities law rio rose 1. The simandou mountain range in guinea possesses the worlds last.
Neither the summaries nor the full contracts are complete accounts of all legal obligations related to the projects in question. Rio on monday that its planning to file a fresh lawsuit against the firm on its. Overall, iron ore sales were broadly inline with no change to the 2012 outlook, while a strong copper performance more than. Despite chinese demand for iron ore thats seemingly insatiable, not. But the courts orders on this critical issue were explicitly not limited to the custodians for general document. Rio tinto iron ore atlantic ltd co lycopodium pty ltd project simandou mlvc2. Rio tinto is a leader in finding, mining and processing the earths mineral resources. This site also includes document text that was created automatically. Mar 19, 2010 rio tinto has earlier told the market that simandou has a resource of 2.