In 2022, Guinea signed several investment agreements to develop port and railway infrastructure using iron from the Simandou deposit. Through the deals, valued at $15 billion, the country sought to commence production at Simandou by the end of 2025.

The Guinean government has sealed the final deals for the exploitation of the Simandou iron ore deposit and the development of associated infrastructure. The authorities announced the news on April 8, 2024. 

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— Présidence de la Guinée (@Presidence_gn) April 8, 2024

Valued at $15 billion, the planned investment for this project includes a 600-km railway and a port for ore export. 

"Simandou is no longer a dream but a reality [...]. There is no doubt today that the project will be delivered according to schedule by the end of 2025," assured Djiba Diakité, Chief of Staff of the Presidency appointed to lead the Simandou project monitoring committee.

According to a statement released on the Guinean Presidency's social media platforms, the agreements were signed on April 2, after obtaining various approvals. These include approvals from Chinese authorities and ratification by the Transition Parliament in Guinea.

The four blocks of the Simandou deposit are equally shared between two joint ventures led respectively by Rio Tinto and Winning Consortium Simandou. These joint ventures also each hold 42.5% of the Transguinean Company, intended to operate the railway and port infrastructure, and controlled by 15% by the Guinean government. Various partners, including the Chinese groups Baowu and Chinalco, have been mobilizing funds for months to complete the work.

Simandou is considered one of the world's largest iron ore deposits, hosting billions of tonnes of high-grade mineral resources. The project is expected to significantly increase mining’s contribution to Guinea’s economy. One of Africa’s top mining countries, Guinea is also the world's second-largest producer of bauxite and a major gold producer in West Africa.