Mining

Guinea: Rio Tinto Halts Operations at Simandou After Fatal Accident

Guinea: Rio Tinto Halts Operations at Simandou After Fatal Accident
Thursday, 31 October 2024 16:06

The Simandou iron ore deposit in Guinea is set to start production by the end of 2025, pending the completion of the railroad and port construction. However, operations at the Morébaya port site have been suspended since October 26 following the death of an employee during construction.

In a statement released on Monday, October 28, Rio Tinto announced this decision following the incident. “Our deepest condolences go to the family, friends, colleagues, and communities affected by this tragedy […] we are working with our partners and relevant authorities to conduct a thorough investigation,” said Jacob Stausholm, CEO of Rio Tinto.

It is not yet known how long operations will be suspended or how the suspension could impact Simandou’s development. The Morébaya mineral port, developed with Winning Consortium Simandou, is crucial for starting iron ore production at Simandou by late 2025.

The infrastructure investment for Simandou, including a 600+ km railroad for transporting iron ore to the port, is estimated at $15 billion, making it one of the largest infrastructure projects globally. According to the IMF, beginning mining operations in 2025 could boost Guinea's GDP by 26% by 2030 compared to a scenario without the mine. 

The mining sector makes up 21% of Guinea's GDP and over 80% of its exports as of 2022.

Emiliano Tossou

On the same topic
• Africa's gas output fell 17 bcm in 2024• Algeria led decline due to aging production fields• Delays, underinvestment threaten Africa’s export...
• MSMEs spend $3.5B yearly on generator power in Nigeria• Generator costs consume up to 40% of business expenses Nigeria's national power grid...
• Kenya’s BasiGo unveils KL-9 electric bus with King Long, assembled locally by KVM.• Company targets 20 buses a month by 2026 and 1,000 in circulation by...
• LNG exports from sub-Saharan Africa forecast to rise from 35.7 bcm in 2024 to 98 bcm in 2034.• Nigeria and Mozambique to drive growth, with Senegal and...
Most Read
01

Zenith Bank picks Côte d’Ivoire for $90M debut into Francophone Africa, confirming ambition t...

Zenith Bank Moves to the WAEMU/CEMAC  $92.4 Billion Loan Book Appeal, When Half Seats Are Taken
02

• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...

WAEMU fintech industry strengthens with two new BCEAO regulatory approvals
03

Nigeria’s fintech landscape has undergone a seismic shift in recent years, driven largely by persist...

In Nigerian, Bank Technology Failures Pushed OPay and PalmPay to Leadership in Daily Payments
04

Niger’s economy grew 10.3% in 2024 and is projected to expand 6.6% in 2025. Yet non-performin...

Niger’s rapid growth shadowed by fragile banking sector
05

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.