Rio Tinto and the Guinean government and the Simandou Winning Consortium (WCS) reached an important agreement on trans-Guinean infrastructure for the Simandou iron ore mine on Friday, Reuters reported.
Simandou is one of the largest iron ore deposits in the world.
Simfer, a joint venture between Rio Tinto, Chinalco and the Guinean government, will share infrastructure capacity and associated costs with the Simandou Win Consortium (WCS), Rio said.
The Simandou Winning Consortium (WCS) is made up of Willis International Group, China Hongqiao Group and the United Mining Suppliers of Guinea.
Rio Tinto said the joint development of Simandou was subject to a number of conditions, including Guinea's approval of a final feasibility study.
The project has been debated for years, with development delayed by legal wrangling and the difficulty and cost of building the infrastructure.
Rio Tinto said: "Negotiations between the partners are continuing to finalise the investment agreement and related shareholder agreements, which form the basis for the joint development."
