Rio Submits Plans For Massive Simandou Iron Ore Project

Anglo-Australian mining giant Rio Tinto Group has submitted feasibility studies to the Guinean government for its massive Simandou project, considered the world’s biggest untapped iron ore deposit.

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The studies are a further step towards bringing onstream a deposit that holds more than 2 billion metric tons. The real cost of the project has yet to be revealed but it is tipped to reach $20 billion.

Finance Minister Says China Will Maintain Steel Tax Rebate

China will maintain its tax rebate policy for steel exports as part of its efforts to help the sector tackle its longstanding overcapacity problems, the country’s finance ministry said on Wednesday.

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Chinese steelmakers have relied on the overseas market to soak up excess production in the sector, prompting growing anti-dumping complaints from foreign competitors.

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