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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed London Stock Exchange  -  11:35 2022-08-17 am EDT
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Guinea Orders Rio Tinto, SMB to Halt Work on Simandou Iron-Ore Reserves

07/05/2022 | 06:43am EDT

By Emmanuel Tumanjong

Special to Dow Jones Newswires


The military junta in Guinea Conakry has suspended Anglo-Australian miner Rio Tinto PLC and the SMB-Winning Consortium from mining activities on the iron-ore reserves in Simandou after a deadline to create a joint venture was missed.

"Despite the wide concessions that the government of Guinea has been willing to make, it is clear that the blockage continues to be maintained by your respective companies to the detriment of the interest of the project," Guinea Mines and Geology Minister Moussa Magassouba said in a letter signed and issued Monday to the companies.

"Taking into account that the 14-day extension granted was not used by your companies to create the joint venture, I order you to immediately cease all activities related to the Simandou project throughout the entire national territory as of this Monday, July 4 at 8 am, (local time)," Minister Magassouba's injunction quoted junta leader Mamady Doumbouya as saying.

"Your inertia in formulating the modalities of state participation in the joint venture's share capital is dangerously undermining the effective implementation of the project in the best interests of stakeholders," the letter said.

In June, the governing junta provided Rio Tinto and SMB with a 14-day extension to a previous deadline to agree to the joint venture, which would consist of the two companies and the Guinea government.

On March 26, the mining companies and Guinea reached an agreement for the construction of a 670 kilometer-long railway to link the mining corridor to a mineral port on the Guinean coast in the south of Conakry. They have been scheduled to complete the project by December 2024 and the first commercial output of the minerals is expected to be completed by March 2025.

Guinea Conakry owns an estimated 4 billion tons of iron ore deposit in Simandou, located in southeastern Guinea.

Neither Rio Tinto nor SMB-Winning Consortium could be reached for comment.


Write to Barcelona Editors at barcelonaeditors@dowjones.com


(END) Dow Jones Newswires

07-05-22 0643ET

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.70% 1762.82 Delayed Quote.-2.79%
RIO TINTO PLC -0.60% 4888.5 Delayed Quote.0.53%
S&P GSCI GOLD INDEX -0.73% 1034.41 Real-time Quote.-2.13%
SILVER -1.65% 19.7978 Delayed Quote.-13.07%
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Financials (USD)
Sales 2022 56 659 M - -
Net income 2022 15 660 M - -
Net Debt 2022 110 M - -
P/E ratio 2022 5,81x
Yield 2022 10,2%
Capitalization 98 339 M 98 339 M -
EV / Sales 2022 1,74x
EV / Sales 2023 1,91x
Nbr of Employees 49 000
Free-Float 65,4%
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Number of Analysts 24
Last Close Price 58,88 $
Average target price 67,43 $
Spread / Average Target 14,5%
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Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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