Its riches have long been coveted by global miners and investors competing to exploit booming demand for a commodity used to make steel. The iron ore buried in Guinea's Simandou mountains is among the world's largest untapped deposits of the commodity. Welcome to the home for real-time coverage of European equity markets brought to you by Reuters Book Review: Can AI Save the Environment? The company is working with Chinalco and other partners to find ways to lower costs and speed up development of Simandou's southern half. "It either participates in the development of Simandou, and it puts pressure on iron-ore prices, or it doesn't participate and they have an iron-ore asset that's worth nothing.". All rights reserved. But the company's plan to sell its interest to joint-venture partner Aluminum Corp. of China, known as Chinalco, fell apart in 2018 when the deal didn't complete. China midway through an investigation into whether Chinese "Simandou represents a major threat to long-term iron-ore prices," possibly reducing them by more than 10%, said Lyndon Fagan, analyst at J.P. Morgan Securities Australia Ltd. Rio Tinto last month began a search for a successor to Mr. Jacques, who will remain in his role no later than March 31. Financial News Articles for Rio Tinto Plc Ord 10P updated throughout the day. All information is provided free of charge, 'as-is', and you use it at your own risk. How Simandou's returns measure up against other options to grow production, including via acquisitions, will be another factor. Rio Tinto's decision boils down to whether it wants to be involved in a project that could put pressure on iron-ore prices by increasing global supply of the commodity. Australia accounts for more than 50% of the world's trade in iron ore by sea. Click to get a sign-in link sent to your email. In June, Guinea's government signed a basic agreement with SMB-Winning for the development of Simandou, including the need for a 400-mile railway through mountains and across marshy lowlands to the coast. The company will have to assess the impact that Simandou's supply would have on iron-ore prices, as it risks making Rio Tinto's existing operations in Australia and Canada less profitable. The availability of scrap metal could also weaken demand. Does mining really employ more Indigenous people than any other industry? Rio Tinto News Headlines. Some analysts expect an external candidate will be chosen, as many potential leaders left the miner in the past four years. The speed at which the group that owns the northern half of Simandou, SMB-Winning Consortium, is moving ahead has surprised industry watchers. All the latest Rio Tinto Limited (ASX: RIO) news, RIO share price movements, expert analysis and investing advice from The Motley Fool. (Alliance News) - Rio Tinto PLC on Thursday said it has agreed a funding plan with Turquoise Hill Resources for the Oyu Tolgoi underground project in Mongolia. 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