China-backed consortium wins $14bn guinea iron ore deal.


The consortium of the Societe Miniere de Boke and Winning Shipping (SMB-Winning) offered $14bn to win a tender to develop part of Guinea's Simandou iron ore project, edging out Australia's Fortescue Metals Group, sources familiar with the talks told on Wednesday. The consortium - representing Chinese, French, Singaporean and Guinean interests - has committed to developing blocks one and two of the largest-known deposit of its kind, holding more than two billion tonnes of high-grade ore. Guinea has sought to develop the Simandou deposit for decades, but the project has been mired in protracted legal disputes while its high...

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