Extensive engagement with potential infrastructure investors has taken place. The groups worldwide operations supply essential minerals and metals that. These summaries are not interpretations of the documents. Rio tinto terminates executives over simandou investigation wsj. Rio tinto solid where it counts event rio tinto reported q2 production results. The original partners were rio tinto working with the government of guinea, chalco and the international finance corporation ifo. Bsg resources, a company associated with israeli diamond billionaire beny steinmetz, warned rio tinto lon, asx. Why rio tinto reversed course on the massive simandou iron. Job openning at rio tinto simandou iron ore project in. Simandou iron ore project mining technology mining. We produce iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds that set the standard for responsible, titanium. The simandou crisis is like a massive iceberg drifting unwatchable around the rio tinto world smashing careers and posing as yet an unquantifiable risk for company and executives alike for as long. 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 original partners were rio tinto working with the government of guinea, chalco and the international finance corporation. 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. April 20 and record a conversation about documents. Mar 19, 2010 rio tinto has earlier told the market that simandou has a resource of 2. The rio tinto simandou south mine development project is an iron ore exploration and mining project located in the republic of guinea. Rio has said it remains interested in retaining its existing stake in simandou.
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. 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. 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. It has been at the center of a power struggle for almost a decade. The official copy of this file is available on the rio tinto corporate hse portal. Company announcements 1 approved greenfield development projects of rio tinto, vale, bhp billiton and anglo american. You can use this service to securely exchange files with anyone at rio tinto. 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. Rio tinto iron ore atlantic ltd co lycopodium pty ltd project simandou mlvc2. Rio tinto terminates executives over simandou investigation. Rio tinto had the rights to all of simandou until 2008, when thenpresident lansana conte stripped it of the northern half. Rio on monday that its planning to file a fresh lawsuit against the firm on its.
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 recognises that biodiversity and ecosystem. 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. 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. Job openning at rio tinto simandou iron ore project in guinea. Lest rio tinto lose its remaining rights to blocks 3 and 4, the company poured significant resources into their development, and highlevel executives of the company made frequent visits to the mine. Rio tinto boss seeks to quell crisis over simandou. Rio tintos simandou iron ore project in the south east of guinea will be the largest integrated mining project in.
Rio went on to complete the study phase in early 20 and negotiated the investment framework with the government. Please have the email address of the person you want to send files. Rio executive heads roll after simandou scandal australian. Nov 16, 2016 said it was investigating rio tinto for possible violations of federal securities law rio rose 1. Rio tinto holds a 45% stake in blocks three and four of simandou, which it is actively planning to develop. Inside rio tintos heart of darkness the australian. Overall, iron ore sales were broadly inline with no change to the 2012 outlook, while a strong copper performance more than. Simandou is a major new project for rio tinto s iron ore group, located in guinea, west africa. Assessing the competitiveness of the supply side response. Simandou rio tinto iron ore mine report wood mackenzie. Changes to rio tinto simandou ore reserves and mineral resources. 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.
Rio tinto simandou image courtesy of rio tinto simandou the oldest known mine in the world was discovered in the hills around ngwenya swaziland. 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. 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. The simandou mine is a large iron mine located in the simandou mountain range of southern.
In 2008 rio tinto group, the licensee of the simandou concession, was ordered by the. Rio tinto selling stake in simandou to china australian mining. Chinalco to team up with rio tinto on simandou project. 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 mountain range in guinea possesses the worlds last. Rio tinto said it would restructure the simandou iron ore project in guinea to facilitate access to infrastructure funding from china. Slideshow 4 images steinmetzs bsgr bought it and then sold 51. 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. It expects a first production phase of 70 million tonnes per annum, potentially rising to 170.
Statecontrolled chinalco owns 40% and the guinea government 15%. Rio tinto says guinea iron ore partner ifc to sell stake. Changes to simandou ore reserves and mineral resources. Rio tintos interest in the simandou iron ore project is. The simandou iron ore project is located in eastern guinea, approximately 600km from the guinean coast and 400km from the liberian coast. Rio tinto selling stake in simandou to china australian. Simfer is the concession licenceholder of the simandou iron ore project. Lest rio tinto lose its remaining rights to blocks 3 and. Assessing the competitiveness of the supply side response to. The simandou saga also provides an example of the competition between the big 3. Rio tinto suspends executive as it investigates guinea. In the 2011 20f, with respect to the simandou project, rio tinto stated, in part. 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. But the courts orders on this critical issue were explicitly not limited to the custodians for general document.
Aug 03, 2016 rio tinto said it would restructure the simandou iron ore project in guinea to facilitate access to infrastructure funding from china. Please have the email address of the person you want to send files to. The mining project involved the greenfield development of the. Did the world bank just kill rio tintos massive simandou. Rio tinto fires two senior executives amid payment probe. The company, however, believed that this was a pretext and that its rivals had bribed gog officials to secure their share of simandou. Rio tinto has earlier told the market that simandou has a resource of 2. Srks involvement in simandou iron ore srk consulting news. The groups worldwide operations supply essential minerals and metals that help to meet global needs and.
The first shipment of iron ore from simandou is expected in 2015. 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. Bsgr to file multibillion lawsuit against rio over simandou. Chinabacked jv set to start work at simandou mining. Rio tinto is a leader in finding, mining and processing the earths mineral resources. Despite chinese demand for iron ore thats seemingly insatiable, not.
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. Rio to restructure simandou for chinese infrastructure. 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. 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. The angloaustralian groups newly appointed ceo, jean. Changes to rio tinto simandou ore reserves and mineral. Rio to restructure simandou for chinese infrastructure miningmx. Mineco, a guinean subsidiary of rio tinto, chinas chalco, and. Neither the summaries nor the full contracts are complete accounts of all legal obligations related to the projects in question. Blocks 1 and 2 of simandou confiscated from rio tinto.
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