Page 84 - pd307-Aug22-mag-web-Neat

ADU PReVIeW Rio Tinto has run into roadblocks again in Guinea

Guinea halts all

Simandou work

uinea’s Mines Minister has ordered all souba wrote, adding that the halt would apply warned that the companies risked losing their
Gwork related to the Simandou iron ore across the country, effective from July 4. mining licences if they failed to meet a tight
project to be halted after the two companies Rio Tinto declined to comment on the latest construction timeline for the Simandou pro-
involved missed an extended deadline to stoppage and WCS did not immediately reply ject
agree on a joint venture, a letter seen by Reu- to a request for comment. The March framework agreement guaran-
ters has shown. Guinea’s ruling junta has suspended con- teed the State 15% of the Simandou iron ore
Rio Tinto Ltd’s Guinea subsidiary Simfer struction of the mine and related infrastructure as well as a free and non-dilutable 15% stake
SA and Chinese-backed consortium Winning once before, in March, resulting in Rio Tinto in the railway and port JV, the Government
Consortium Simandou (WCS) have shown a and WCS signing a framework agreement has said.
“lack of willingness” to work on a partnership, that month under which they would “co-de- The Mines Minister said Rio Tinto and
Mines Minister Moussa Magassouba said in velop” infrastructure for the mine, including a WCS were stalling over the terms of the Gov-
a July 3 letter addressed to both companies. 670km railway and port. ernment’s stake in the JV, blaming the com-
In a later statement, the Government said it On June 19, the Government gave the panies for “inertia” on the issue.
was open to discussions with new partners in companies 14 days to agree to a JV. Rio Tinto has held rights to Simandou since
the ambitious project that aims to extract iron “I expect the creation of the joint venture 1997. Through Rio Tinto Simfer, it owns a
ore from Guinea’s remote hinterland to a port within 14 days,” interim president Mamady 45.05% stake in the southern half, and Blocks
hundreds of kilometres away, but which has Doumbouya said at the meeting, a video of 3 and 4 of the deposit, with Aluminium Corp of
been dogged by delays in recent years. which was posted online by his office. China (Chinalco) holding 39.95% and Guin-
“Despite the significant concessions, the Doumbouya said there had been insuffi- ea’s Government the remaining 15%. WCS
Guinean State has been kind enough to cient progress since then. holds Blocks 1 and 2 of Simandou.
make, it is clear the obstruction is being main- “This situation is not only regrettable, but
tained by both your companies, to the detri- above all, unacceptable for the state,” he said. – Saliou Samb and Helen Reid, Reuters
ment of the interests of the project,” Magas- The Guinean authorities have previously

www.pwmil.com

PW Mining International Limited is a major force in the contract
mining and civil engineering industries.
Much of our work has been secured on a repeat business
basis testifying to a solid reputation we have built with our
valued clients.
The company has focused on mining for Gold, but has also
executed projects in the Diamond, Bauxite and Rutile sectors.
We have top class competencies in all the aspects of contract
mining, including site clearance, overburden removal, drill
and blast, load and haul, ROM pad management and crusher
loading.
In support of our present and future clients, PW Mining
provides assistance with feasibility calculations for mine
development and expansion.
We very much partner from start to finish.
The scope of work in our mining operations
includes the following;
Site clearance and top soil stripping
Mine pit pre-stripping
Access roads and drill pad construction and exploration activities
Production drill & blasting
Grade control drilling
Load & haul operations
Waste dump and ROM pad management
Open pit dewatering
Haul road construction and maintenance
Underground Mining Operations
Stone crushing services from stemming/ haul road sheeting/ ALLIED GOLD l ANGLOGOLD ASHANTI l ASANKO GOLD l ASANTE GOLD
crusher feed
Greenfield construction of water/ Tailings Storage Facilities and CHIRANO GOLD MINES l ENDEAVOUR MINING l GOLD FIELDS GHANA
associated raises during mine life
Mine site development (earthmoving and concrete works for NEWMONT l PERSEUS MINING l RESOLUTE MINING l SIERRA RUTILE
process plants) construction of mine site airstrips
Site rehabilitation and closure activities in accordance with
environmental regulations purposes

Page 84 aUgUST 2022 aUSTRaLIa’S PaYDIRT