Rio Tinto receives approval for $34.3 billion iron ore project in West Africa

Rio Tinto has received approval from the Guinean and Chinese governments to develop the $34.3 billion Simandou iron ore project in West Africa. Production is expected to begin next year. Rio Tinto will contribute about $9.2 billion in costs towards the development. Once fully operational, Simandou will be able to export about 120 million tonnes of iron ore per year.