Rio Tinto said it expects first production from the Simandou iron ore development in 2025 and that regulatory approvals are “imminent”, as it revealed details of the $11.6bn costs its Simfer joint venture has committed to develop blocks 3 and 4 and the joint Simandou infrastructure development. The mining major also confirmed what markets knew: that China’s Baowu had taken a big stake in Simandou blocks 1 and 2.
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