Rio Tinto has a 95 per cent interest in the project. The International Finance Corporation (IFC), the private sector arm of the World Bank, has five per cent. The 2003 Mining Convention gives the Government of Guinea an option to acquire a 20% equity interest in the project. As of July 31st Rio Tinto has spent more than US$450 million (January 2009) on the project.
In 2007, Rio Tinto approved funding of US$145 million for prefeasibility studies focused on developing an iron ore mine at Simandou - including the 700 kilometre rail system and a deep water port.
Maximising development benefits
In 2006, Rio Tinto sold a five per cent interest in the project to the IFC. The IFC makes investments in projects that contribute to sustainable development, are economically viable and comply with our social and environmental standards.
The IFC brings relationship value to large scale projects in developing countries. The IFC has considerable expertise and experience in projects such as Simandou. Particularly with regard to maximising development benefits to government and local communities. IFC involvement is held in high regard by the government, and other stakeholders, including NGO groups and multilateral donor institutions.