Australian Metal Firm to Develop Two Blocks of Iron Ore Deposits in Guinea

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Australia’s Fortescue Metals Group confirmed on Monday that it has submitted a bid to develop two blocks in the giant Simandou iron ore deposit in Guinea.

Reuters reported on Friday that Fortescue and Guinea’s biggest bauxite exporter SMB-Winning were the last two bidders in the running for the rights to develop the two blocks.

A Guinea government commission in charge of the international tender for Simandou blocks 1 and 2 should come to a final decision in around a month, the sources close to the commission said last week.

“Consistent with our active business development program, Fortescue is interested in global opportunities in iron ore and other commodities which align with our strategy and expertise,” Fortescue Chief Executive Elizabeth Gaines said in an emailed statement to Reuters.

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