Rio Tinto Funding Simandou Iron Ore Project Alone as Chinese Partners Delay Payments
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Rio Tinto has been solely funding preparatory work at Simandou iron ore project in Guinea as Chinese partners delayed funds.
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Rio has spent over $500 million so far on Simandou that was supposed to be split with China's Chalco Iron Ore Holdings.
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Delay attributed to Chinese consortium not getting state approval for financing yet.
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Simandou's other two blocks owned by Winning Consortium Simandou which has been progressing with construction.
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Rio earmarked $800 million for Simandou development in 2023 and $2 billion each in 2024 and 2025.
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