Rio Tinto Plc : Simandou project looks attractive but 2024 set to be mixed with guidance lower than we expected
>Simandou project launched in iron ore - The major highlight of the investor update was the launch of Simandou project in Guinea in iron ore. The group plans capex of $ 6.2bn all told to develop two mining blocks, a rail spur and a transhipment port alongside Chinese partners. This investment ties in with a larger project totalling $ 23bn, the majority of which is funded by Chinese investors, led by the world’s largest steelmaker Baowu. We see the fundamentals of the ...Rio Tinto is engaged in finding, mining and processing mineral resources. Co. has four product groups: iron ore, which supplies the global seaborne iron ore trade; aluminium, which includes bauxite mines, alumina refineries, and aluminium smelters; Copper and Diamonds, which has managed operations in Australia, Canada, Mongolia and the U.S., and non-managed operations in Chile and Indonesia, with by-product including gold, silver, molybdenum and others such as sulphuric acid, rhenium, and lead carbonate; and Energy and Minerals, which comprises mining, refining and marketing operations across borates, coal, iron ore concentrate and pellets, salt, titanium dioxide and uranium sectors.
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