The project, located in the mineral-rich Simandou mountains in southeastern Guinea, is a joint venture involving mining giants Rio Tinto, Winning Consortium Simandou (WCS), China Baowu, Chinalco, and the Guinean government. Once fully operational, Simandou is expected to produce up to 120 million tonnes of iron ore annually, nearly 7% of the world ’s seaborne iron trade, with an average iron content of 65%, making it one of the highest-grade outputs globally.

“We are unlocking an exceptional new source of high-grade iron ore that is in demand from customers for low-carbon steelmaking. This enhances our world-class portfolio of iron ore mines,” said Simon Trott, CEO of Rio Tinto.

Government officials expect the mine and its supporting infrastructure to trigger over $200 billion in investment across transport, education, energy, and housing sectors.

“Simandou is more than a mining project: it is the driving force behind a national transformation,” said Djiba Diakité, Chair of the Simandou 2040 Strategic Committee, adding, “This reflects the vision of the Head of State and the determination of an entire nation to build a future of shared prosperity.”

President Mamadi Doumbouya, who came to power in a 2021 coup, has made Simandou the centrepiece of his administration’s economic legacy.

The nation boasts nearly 8,000 deposits encompassing approximately 90 different minerals, with about 20 being economically significant. Notably, Ukraine holds substantial reserves of coal, iron ore, manganese, titanium, and uranium, among others. ​

With iron ore reserves estimated at 28 billion tons , Ukraine ranks among the world's top producers, supplying significant quantities to the global market. ​Additionally, the country possesses around 3 billion tons of manganese ore, essential for steel production. ​

For titanium, Ukraine is the world's sixth-largest producer of a metal vital for aerospace and other high-tech industries. Significant lithium deposits, such as the Shevchenko deposit in Donetsk Oblast, also position Ukraine as a potential key supplier for the burgeoning electric vehicle market. ​

This richness is why the US in February 2025 sought to sign a minerals deal which was also central to Kyiv's push to secure Washington's support. The agreement aimed to establish a Reconstruction Investment Fund to harness revenues from Ukraine's mineral wealth, with Ukraine contributing 50% of its resource revenues until it reaches $500 billion. ​

The agreement, however, 'hit a wall' after a faceoff between Ukraine's President Volodymyr Zelenskyy and US President Donald Trump at the Oval Office on Friday, February 28.

In a recent interview with the Financial Times , Bold Baatar of Rio Tinto said, " There is nothing else out there of this scale and size ."

Financial Times reported that the project, located 550km from Guinea's coastal capital, involves partnerships between Rio Tinto, the Guinean government, and at least seven other companies, including five from China.

Two major mines, Simfer project and the WCS project, will be constructed by Rio Tinto-Chinalco, the world’s biggest aluminium producer and Baowum, the world’s biggest steel producer in partnership with Winning International Group consortiums, respectively.

A 552km railway through Guinea’s mountains towards the sea and a deepwater port on Guinea's Atlantic coast will also be developed.

According to Baatar, the project is too expensive for any single miner to develop alone. The projected share of the total cost for Rio Tinto only is estimated to be $6.2 billion.

“Historically, when you look at the mining industry, each mine had their own infrastructure. The capital number is so big for any single party, Baatar said during his interview with Financial Times .

Simandou in the south-east of the Republic of Guinea is believed to be the world’s largest deposit of u ntapped high-grade iron ore.

In March 2023, Guinean authorities and shareholders including Rio Tinto agreed on the terms of a joint venture to mine Simandou which paved work for the resumption of the project after years of setbacks, international media Reuters reported.

Baatar said groundwork has commenced, and once Beijing approves Chinalco's investment, construction of the mine will follow.

To address environmental concerns including carbon emissions, Rio Tinto and partners are exploring alternative methods like direct reduced iron technology, utilizing hydrogen and carbon monoxide instead of coke.

This process demands high-grade iron ore, which is hard to come by. However, with Simandou’s average iron content exceeding 65%, among the world’s highest, the process is possible.

According to Baatar, the first ore shipments from the factory are expected in 2025, with production scaling up to reach 60 million tonnes annually by 2028, contributing roughly 5% to the global seaborne iron ore market.

Despite its discovery in 2002, the massive ore body has remained dormant due to prolonged legal battles involving charges of corruption and bribery for securing mining rights, the military dictatorship in the West African country until 2010, as well as the huge infrastructure cost to develop the project, NS Energy reports.

Rio Tinto has announced intentions to allocate approximately $6.2 billion for the project, which includes investments in port and rail infrastructure to facilitate the production and transportation of products, Mining.com reports.

Rio Tinto Executive Committee lead for Guinea, Bold Baatar said, “We are continuing to work closely with the Government of Guinea, Chinalco, Baowu and WCS towards full sanction of this world-class project by all partners. "

The initial production from the two blocks jointly owned by Rio Tinto is projected to gradually increase over 30 months, reaching an annualized capacity of 60 million tonnes annually. Rio Tinto has indicated that its share of the production will amount to 27 million tonnes.

“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonisation of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” Baatar added.

Rio Tinto now reports the conversion of approximately 1.5 billion tonnes to Ore Reserves, supporting a 26-year mine life with an average iron grade of 65.3% and low impurities. Additionally, Rio Tinto discloses Mineral Resources, exclusive of Ore Reserves, amounting to 1.4 billion tonnes at 66.1% Fe and low impurities.