Guinea has officially entered a new era as it begins exporting iron ore from the Simandou mines, home to the world’s largest untapped reserves. The $20 billion project is set to transform Guinea’s economy, positioning the country as Africa’s second-largest mineral exporter.
The Simandou project includes a 650 km railway and major port upgrades, facilitating the export of high-grade iron ore from southeastern Guinea. The project is being co-developed by the Government of Guinea, SimFer, and Winning Consortium Simandou (WCS), with international firms like Rio Tinto Plc, Chinalco, and Baowu Resources involved.
“Simandou must be for us what oil was for the Gulf countries,” said Djiba Diakite, chief of staff at Guinea’s presidency, at a ceremony marking the beginning of exports. “The commissioning of the Simandou integrated mining and infrastructure project is a historic day for the people of Guinea, who have waited for this moment for decades.
The project is expected to significantly boost Guinea’s mining revenues, which currently come mainly from bauxite and gold. According to the International Monetary Fund, Simandou’s development could increase Guinea’s GDP by 26% by 2030.
Once fully operational, the Simandou project will produce up to 120 million tonnes of iron ore annually, making Guinea one of the world’s top iron ore exporters. The high-grade ore is in demand from steelmakers seeking to reduce carbon emissions by using higher-quality feedstock.