Rio Tinto’s Guinea subsidiary and Chinese-backed consortium Winning Consortium Simandou have shown a “lack of willingness” to work on a partnership, the Mines Minister said.
Guinea’s mines minister has ordered all work related to the Simandou iron ore mine project to be halted after the two companies involved missed an extended deadline to agree on a joint venture, a letter seen by Reuters shows.
“Despite the significant concessions the Guinean state has been kind enough to make, it is clear the obstruction is being maintained by both your companies, to the detriment of the interests of the project,” Mr Magassouba wrote.
The March framework agreement guaranteed the state 15 per cent of the Simandou iron ore as well as a free and non-dilutable 15 per cent stake in the railway and port joint venture, the government has said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX to lift; iron ore slidesASX futures are up 1.5 per cent; bonds extend rally; RBA expected to hike 50bps on Tuesday; $A plunges to US68.14¢. Follow updates here.
Read more »
Iron ore slumps, economists warn of China slowdownIt’s unclear whether Chinese growth will reach 5 per cent this year, but economists agree its zero-COVID-19 strategy presents the biggest risk to the economy.
Read more »
3,625 candidates, 800 languages, culture, passion, murder charges: Papua New Guinea's national election beginsHuge political rallies have been held across the country and the voting will take place over the next three weeks, with the incumbent and the former prime ministers tipped as the two most likely candidates to take power.
Read more »
Explosion of life on Earth linked to heavy metal act at planet’s centreFormation of solid iron core 550m years ago restored magnetic field and protected surface
Read more »
‘Nothing to do with me’: PNG leader distances himself from suitcase of cashPapua New Guinea Prime Minister James Marape has declared he has no connection to a suitcase of cash discovered on a charter flight on the eve of the country’s elections, writes ChrisBarrett_
Read more »
Liz Truss mulls seizure of Russian assets in UK to give to UkraineForeign secretary ‘supportive’ of idea that frozen Russian assets could be redistributed to victims of invasion
Read more »