Key Conventions Ratified For The Simandou Mega-Mining Project
In a pivotal move towards the valorisation of resources and the diversification of mining in Guinea, the National Transitional Council (authorised on Saturday, 3 February 2024, the ratification of three essential conventions related to the Simandou integrated mega-project, estimated at $15 billion.
The first agreement, concerning the joint development of railway and port infrastructures for the iron ore mines of blocks 1, 2, 3, and 4 of Simandou, was concluded between Guinea, Winning Consortium Simandou (WCS), and Rio Tinto Simfer within the Consortium of the Compagnie du TransGuinée (CTG). This development highlights the commitment of stakeholders to establish an efficient transport network linking mines to ports.
The second agreement pertains to the WCS operating base for blocks 1 and 2 of Simandou, establishing a robust framework between Guinea and WCS for the extraction of iron ore. This step reinforces cooperation for the sustainable exploitation of the deposits.
Lastly, the third convention involves Simfer’s bilateral adjustments to the amended and consolidated basic convention for the exploitation of the Simandou iron deposits, involving Guinea, Simfer, and Rio Tinto. These adjustments illustrate the flexibility of the agreements to accommodate changes in the project.
In his presentation to the national advisors, the Minister Director of Cabinet of the Presidency and Chairman of the Strategic Monitoring Committee of the Simandou Project, Djiba Diakité, underscored the economic, social, and environmental impact of the project. He commended the enlightened leadership of the Head of State, General Mamadi Doumbouya, highlighting his resolute political will to bring this significant mining project to fruition for the benefit of the sovereign people of Guinea.
The message from Minister Djiba Diakité, as Chairman of the Strategic Monitoring Committee of the Simandou Project, bolstered the advisors’ confidence in the Guinean State’s determination to swiftly realise this project, bringing prosperity to the sovereign people of Guinea.
The Minister of Mines and Geology, Moussa Magassouba, spoke on the historic significance of the ratification of these conventions, which ensure the solidity of the agreements between Guinea and its mining partners.
The Minister of the Environment and Sustainable Development, Ms Safiatou Diallo, also provided assurances about the stringent environmental measures integrated into this large-scale project.
Finally, the Minister of Economy and Finance, Moussa Cissé, emphasised the major economic significance of this project for Guinea, thereby opening promising prospects not only for the nation’s economy in its entirety but also positive spin-offs and impacts for the populations.
Issued by Guinea Presidency