Loading grant details…

Active Commercial AidData Chinese Aid

China Development Bank (CDB) contributes to syndicated M&A loan for the acquisition of Simandou Iron Mine Project (Linked to Record IDs #108566 and #108567)

¥415.33M RMB

Funder	China Development Bank (CDB)
Recipient Organization	Baowu Simandou Mining (Shanghai) Company Limited
Country	Guinea
Start Date	Aug 01, 2023
End Date	Jun 11, 2026
Duration	1,045 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`102605`

Grant Description

CDB, China Eximbank, and ICBC contributions to approximately USD 1.246 billion syndicated M&A loan for the acquisition of Simandou Iron Mine Project in Guinea in 2023 Winning Consortium Simandou S.A.U. — a Guinea-incorporated special purpose vehicle — won the public tender (mining concession) to develop Simandou Iron Ore Blocks #1 and #2 (also known as Simandou North Blocks 1 & 2) on November 12, 2019 and signed a Base Convention agreement with the Guinean Government on June 9, 2020, which was approved by the Guinean National Assembly on June 26, 2020.

Winnng Consortium Simandou Railway Pte.

Ltd. (WCSR) and Winning Consortium Simandou S.A.U. signed a Rail Infrastructure Agreement for Simandou Iron Ore #1 and #2 with the Guinean Government on November 12, 2020, which was approved by the Guinean National Assembly on November 23, 2020. The same process applied for the Winning Consortium Simandou Port Pte.

Ltd. (WCSP) and Winning Consortium Simandou S.A.U.; they signed a Port Infrastructure Agreement for Simandou Iron Ore #1 and #2 with the Guinean Government on November 12, 2020, which was approved by the Guinean National Assembly on November 23, 2020.

Then, on March 25, 2022, the Government of Guinea, Rio Tinto SimFer (joint venture), and Winning Consortium Simandou Pte. Ltd. (WCS) signed the Simandou framework agreement.

Under the terms of the framework agreement, the parties agreed to complete the construction of the port and rail infrastructure no later than December 31, 2024, with its commissioning no later than March 13, 2025.

Then, on July 27, 2022, a La Compagnie du TransGuinéen SA (CTG) — a special purpose vehicle and joint venture of Simfer Jersey Ltd. [42.5% equity stake], WCS [42.5% equity stake], and the Government of the Republic of Guinea [15% ‘free carry’ equity stake] — was legally incorporated.

Until June 2024, WCS, a Singapore-incorporated SPV that owns Winning Consortium Simandou S.A.U., was itself owned by Winning Consortium Holdings Pte.

Ltd. (WCH), a joint venture of a Singaporean company called Winning Logistics (Africa) Company Limited (part of Winning International Group) [50% equity stake], a Chinese company called Weiqiao Aluminium (part of the China Hongqiao Group) [50% equity stake], and a Guinean company called United Mining Supply Group [nominal equity stake].

WCS is the concession holder of Simandou North block 1-2 (with the Government of Guinea holding a 15% interest in the mining vehicle and WCS holding 85%) and associated infrastructure.

The Simfer joint venture comprises Simfer S.A., the holder of Simandou South Blocks 3 & 4, which is owned by the Government of Guinea (15%) and Simfer Jersey Limited (85%).

In turn, Simfer Jersey Limited, is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings (CIOH) (47%) – a Chinalco-led joint venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction Corporation (CRCC) (2.5%) and China Harbour Engineering Company (CHEC) (2.5%).

On December 22, 2022, CTG signed term sheets with its ‘industrial partners’ — including the Baowu group (a Chinese state-owned steel company) — for the financing, development, construction and operation of the railway and ports infrastructure. On the same day, Baowu Group joined the CTG joint venture.

Then, on January 11-22, 2023, and Government of Guinea delegation traveled to China to meet with potential lenders and insurers for the Simandou Project, including China Development Bank (CDB), the Export-Import Bank of China (China Eximbank), the Industrial and Commercial Bank of China (ICBC), and Sinosure.

Approximately two months later, on March 18, 2023, a formal recommencement ceremony for the Simandou Project took place. The ceremony was attended by the Guinean President, Colonel Mamadi Doumbouya, at the port of Moribaya (Forecariah).

Then, on May 1, 2023, a bridge in Kolata (Maferinyah) — that was built by Winning Consortium Simandou as part of the Simandou Project — was officially commissioned. On July 26, 2023.

CTG’s consolidated shareholders’ agreement — with all associated annexes — was signed by the relevant stakeholders.

Approximately two weeks later, on August 10, 2023, a series of agreements were signed, including (1) a CTG joint venture agreement, (2) an infrastructure co-development agreement relating to a 600 km railway and a 160 mtpa mineral port, (3) an agreement relating to the third-party access regime (and related multi-user, multi-purpose and tariff arrangements); (4) an agreement relating to the definition of a new tax regime; and (5) amendments to the existing mining conventions of Simfer and WCS.

Under the terms of the infrastructure co-development agreement, Simfer and WCS will deliver separate infrastructure scopes to leverage expertise.

Simfer will construct the approximately 70 km Simfer spur rail line and a 60 million tonne per year transhipment vessel (TSV) port, while WCS will construct the dual track approximately 536 km main rail line, the approximately 16 km WCS spur rail line and a 60 million ton per year barge port. Once complete, all co-developed infrastructure and rolling stock will be transferred to and operated by CTG.

Then, on February 4, 2024, CTG received approval to move forward with the project from Guinea’s National Transition Council, the country’s quasi parliamentary body.

The approval covered the construction of a mine, rail line, and port with an anticipated completion date of 2025, and production date of 2026.

Approximately two months later, on April 1, 2024, China Railway Signal & Communication Corporation Limited (CRSC) and WCS signed an RMB 1.245 billion commercial (EPC) contract on the motor, power battery and electronic control system (EIC system) of Guinea’s Morebaya-Simandou Railway Project.

On June 19, 2024, Baowu Resources Company Limited completed the acquisition of a 49% equity stake of the WCS mine project (via a Singapore-incorporated SPV known as Winning Consortium Simandou Pte.

Ltd.) and the WCS infrastructure projects (via a Singapore-incorporated SPV known as Winning Consortium Simandou Infrastructure Pte. Ltd.) for $1.78 billion.

To facilitate the acquisition, Baowu Resources Company Limited — via Baowu Simandou Mining (Shanghai) Company Limited — acquired a syndicated M&A loan from China Eximbank, ICBC, and China Development Bank (CDB) in 2023.

The loan was collateralized against the mining titles on Simandou blocks 1 and 2, which were purchased by Winning Consortium Simandou S.A.U. in November 2019 for $14 billion.

It was also backed by a Sinosure credit insurance policy and an independent guarantee from Weiqiao Aluminum & Power (a subsidiary of China Hongqiao Group Limited).

Baowu Resources Company Limited achieved financial close with its lenders (China Development Bank, ICBC, and China Eximbank) on April 2, 2024, which signified the date on which all conditions precedent had been achieved for the first loan disbursement.

The total expected cost of the Simandou Project is approximately $24 billion and is being financed with a mix of debt and equity.

The total estimated cost of the Simandou South mining complex (covering mining blocks 3 & 4 and owned by Simfer S.A.) is $4.6 billion.

The total estimated of the Simandou North mining complex (covering mining blocks 1 & 2 and owned by Winning Consortium Simandou S.A.U.) is unknown.

The total estimated cost of the co-developed (rail and port) infrastructure for the Simandou South mining complex and the Simandou North mining complex -- including the Simfer Spur Line, the Main Rail Line, the port infrastructure (WCS Barge Port and Simfer Port) -- is $12.3 billion ($8.8 billion for the WCS infrastructure project scope, which involves the construction of a 552 km main rail line and WCS spur line as well as a 60 Mtpa barge wharf, and $3.5 billion for the Simfer infrastructure project scope, which involves the construction of a 70 km Simfer spur rail line (“spur”) from Simfer mine to the mainline and a 60 million ton per year transhipment vessel port).

The total estimated cost of the Simfer transhipment vessels is $600 million.

The project has four major components: (1) An open-pit iron mine in the Simandou mountain range in south-eastern Guinea, approximately 600 km from the Guinean coast, with an estimated potential capacity of up to 100 million tons per year, located east of the town of Kérouané. (2) The construction of a 600km railway.

In order to exploit the iron ore from blocks #1 and #2, WCS has undertaken, within the framework of the mining agreement signed with the Guinean Government, to build a “trans-Guinean” railway of approximately 600km length, to link the Simandou mine to the Guinean coast, and to build new port facilities to export the iron ore. (3) During the project’s first phase, port facilities will be built on the Morébayah River estuary near Senguelen, in the Prefecture of Forecariah, to load iron ore onto barges, then load onto large ocean-going vessels through its high-capacity transhipment terminals at sea. (4) The construction of a new deep-water port is planned in a second phase.

The footprint of the future river port covers an area of approximately 3.45km², on the left bank of the Morébayah.

Phase 1 infrastructure consists of: -- Two general cargo berths with an unloading facility for barges, including one for handling petroleum products; -- Four berths equipped with gantry loaders for loading iron ore onto barges; -- A railway loop which is the terminal of the rail transport line for iron ore export and sending supplies to the mine; -- A storage yard for general cargos including construction material during the construction phase; with a spur railway line during the operation phase to load equipment, materials and fuels onto trains to be transported to the Simandou mine; -- An iron ore storage yard equipped with stackers and reclaimers; -- Rotary dumpers to unload the iron ore wagons, connected to conveyor belt systems for handling the iron ore; -- An office building and base camp; -- An electrical station with heavy fuel generators; -- Freshwater supply and distribution system; -- Workshops for maintenance, repair and welding; -- Warehouses for spare parts and consumables; -- A wastewater treatment plant and a settling tank; -- A waste storage area, to be followed by the construction of an incinerator; -- An Oxygen-Acetyline factory within the port limit; -- 4G mobile phone towers, required for communication within the port area, for boats positioning and for communication in the channel and transhipment anchorage; and -- Two quarries for construction materials: one for granite at Senguelen equipped with a crushing station, and one for laterite at Bamboro.

The existing rural track between the N4 road at Maferinya and the port has already been repaired by WCSP.

An access road along the railway is also expected to be built to connect the port to the N4 road in order to provide bypass for the communities as well as for the urban area of Maferinya.

Besides the above onshore facilities, a river channel is expected to be dredged to allow the barges and ships to navigate to the transhipment anchorage suitable for large ocean-going vessels.

The railway starts near Port Morébaya, runs eastward to Forécariah, then runs along the border between Guinea and Sierra Leone, passing Kelemou, Madina, and then the Kuru Mountains to the south of the Fouta Djallon Highland via the Kindia Tunnel (11.80 km) and passing Kassa Station.

After Kassa, the railway extends northeast and crosses the highland mountains via the Mamou Tunnel (8.95 km), passes along the southern foothills of the mountains until Ouré-Kaba Station, past Tagagna and Liaya, and then the route leaves the border.

It then runs parallel with the N1 Highway heading to the east and southeast, before crossing the Niger River and again running in parallel with the N1 Highway until Faranah Station.

After Faranah, the railway extends east along the southern boundary of the Upper Niger National Park, crosses the Mafou River, the Niandan River and the N33 Highway, passes Nialinko Station and runs along the mountains.

It then passes Diankoya Station, crosses Sonamba River to the south of Médina, runs southeast until the west of Kérouané Township where the Station is established, crosses the Milo River and finally arrives at the foothills of the Simandou Mining Area.

The project's Simandou South mining complex (covering mining blocks 3 & 4) component consists of the following elements: -- Mine Access: access to the open-pit mine will be via access roads going uphill to the top of the mountain, most probably on both east and west sides during construction.

The pioneer mining area will comprise one or two open pits, using the blasting and excavation method to exploit the iron ore blocks, with haulage by heavy duty trucks to feed into the prime crushing stations at the designed fringe of the open pits.

Conveyor systems will then carry the ore downhill to reach the processing plant. -- Mineral Processing: the crushed iron ore will be transported from the pit areas to the mineral processing plant via two or three surface conveyors.

The mine plant site will be located on relatively flat ground close to the train loading facility northwest of the deposits. Mineral processing will consist of screening and secondary crushing.

The final product is high-grade iron ore fines and lumps ready for rail shipment and sea shipment. -- Mine Support Facilities: support facilities will be located adjacent to the railway terminal on the west side of the mine.

These include a mining camp, mobile equipment workshop, fuel storage, power generation, concrete batch plant, administrative offices, temporary ore storage and water management infrastructure. Rock waste material left over after mining will be stored in a dumping pit. The location of the dumping pit will be carefully chosen, taking into consideration environmental and safety factors.

Proper preservation measures will be deployed to ensure the stability of the waste stockpiles and to avoid waste rocks to be flooded by heavy rain. -- Other supporting facilities will include a water reservoir, to be constructed to maintain fresh water supply to the mining facilities both for living use and for environmental purposes such as dust suppression.

Other miscellaneous facilities required are being assessed and designed. -- A supporting airport 20km north of Kérouanéis being planned to improve the logistics to the mine. The airport will be constructed in three separate phases. The runway will be initially laterite in Phase 1A, then to be hardened by concrete in Phase 1B.

There is a potential plan to expand to a longer airstrip during Phase 2. Phase 1B includes constructing buildings and facilities required for airport operation.

The scope of the project component involving the Simandou North mining complex (covering mining blocks 1 & 2) is currently unknown.

CTG is reportedly designing and implementing the Simandou Project in compliance with the Equator Principles requirements (version IV, June 2020).

As a result, CTG has agreed to comply with IFC Performance Standards (PS) -- in particular, PS1, PS2, PS4, PS4, PS5 and PS6.

📋 Staff Comments

The Chinese project title is 西芒杜项目 or 西芒杜铁矿项目 or 几内亚西芒杜铁矿项目 or 项目X or 西芒杜铁矿石项目 or 宝武资源几内亚铁矿项目 or 非洲几内亚西芒杜铁矿项目.
The Rio Tinto Simfer joint venture comprises Simfer S.A., the holder of Simandou South Blocks 3 & 4, which is owned by the Government of Guinea (15%) and Simfer Jersey Limited (85%). In turn, Simfer Jersey Limited, is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings (CIOH) (47%)–which is a Chinalco-led joint venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction Corporation (CRCC) (2.5%) and China Harbour Engineering Company (CHEC) (2.5%).
The Simandou project is divided into two main phases: (A) The construction phase which focuses on promoting local content by prioritizing jobs for Guineans and business opportunities for Guinean companies, as well as training to facilitate the transfer of technology. (B) The operation phase will essentially consist of securing strategic governance challenges and revenues from mining to build a development base, all along the +600 km Trans Guinéen railway corridor. It will enable iron ore to be extracted from the Simandou mines (the four blocks), transport it via the TransGuinéen and to proceed to export it to the Morebaya mineral port (Forécariah) in the south-west of the country.
Hogan Lovells and Thiam & Associés advised China Baowu Steel Group; Watson Farley & Williams acted for the Guinean government; Clifford Chance, Linklaters, Allens and ADNA acted for Simfer (a joint venture led by Rio Tinto and a Chinese consortium including Chinalco); Eversheds Sutherland counselled China Hongqiao Group, the subsidiary of the Shandong Weiqiao Pioneering Group; Norton Rose Fulbright and King & Wood Mallesons advised Winning Consortium Simandou (WCS, a joint venture of Singapore’s Winning International Group and Weiqiao Aluminium); DLA Piper acted for Chalco Iron Ore; Jincheng Tongda & Neal and Merits & Tree Law Offices advised the Aluminum Corporation of China on international law and infrastructure joint venture issues, respectively; Gide acted for China Aluminum International Engineering Corporation; Pinsent Masons advised two Chinese contractors; Sunshine Law Firm counselled Sinosure. See https://law.asia/china/china-deals-of-the-year-2024/#projects_55. The incorporation of CTG in July 2022 granted the Government of Guinea a 15% “free-carry” stake in the CTG joint venture. Negotiations in the run-up to the incorporation of the joint venture centered over whether the government should have to pay for its share of the rail and port building costs. Simfer SA and WCS had offered an interest-free loan to cover the government’s costs, while the government had pushed for the free-carry for its stake.
The Morebaya-Simandou Railway starts from the Maribaya Port in Guinea and ends at Simandou Mining Area, with a total length of 552.5km. It is the first double-track heavy-haul modern railway in Guinea and the first trunk railway line based on satellite positioning in Africa.
For evidence that the syndicated M&A loan agreement was signed during calendar year 2023, see https://www.shanghai.gov.cn/nw31406/20231020/e90c85b3c59f408ab9552452da5cf6e9.html and https://www.sh.chinanews.com.cn/swzx/2023-10-27/117625.shtml8. For the time being, AidData assumes that the loan agreement was signed when the August 2023 package of 'core transactional documents' was finalized. See https://www.wfw.com/press/wfw-advises-guinea-as-us24bn-simandou-project-core-documents-signed/9. The face value of the M&A loan from China Eximbank, China Development Bank, and ICBC loan is unknown. However, given that the total cost of the acquisition was $1.78 billion and most China Eximbank M&A (overseas investment) loans cover at least 70% of the total cost of the acquisition, AidData assumes for the time being that the face value of the loan was roughly equivalent to $1.246 billion. This issue warrants further investigation. See slide 13 of https://www.dropbox.com/scl/fi/l59pewju61dhll79k8msy/2.EXIM-Bank.pptx?rlkey=4ffouewoknm33jnz3dykii2i4&dl=0 for more information on the standard terms and conditions that govern M&A (overseas investment) loans from China Eximbank.
In the absence of specific details regarding the individual contributions of China Eximbank, China Development Bank, and ICBC to the loan, and given an estimated face value of $1.246 billion, AidData has assumed the three banks each contributed equally (approximately USD 415,333,333) to the loan syndicate.
The ‘WCS infrastructure projects’ refer to the 552 km main rail line and WCS spur line as well as the 60 Mtpa barge wharf, which is owned by WCS InfraCo (Winning Consortium Simandou Infrastructure Pte. Ltd.). See https://www.dropbox.com/scl/fi/msrsibgfk22jntsspgd71/2024-simandou-technical-report-summary-1.pdf?rlkey=iz50kl8yvciytnbf1i5m6o4bw&dl=012. During calendar year 2022, China Hongqiao Group Limited (a minority Chinese state-owned company) provided an RMB 1,044,690,000 shareholder loan to Winning Consortium Simandou Railway Pte. Ltd., which carried an interest rate of 3-month LIBOR plus 5% margin and an unspecified maturity. See https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0411/2025041100375.pdf and https://stockn.xueqiu.com/01378/20250327648284.pdf and https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0402/2024040200155.pdf and https://cdn-rio.dataweavers.io/-/media/content/documents/invest/reserves-and-resources/2024-simandou-technical-report-summary.pdf?rev=461a25495baa4a088e42d571b73f95f113. Winning Consortium Simandou S.A.U. — a Guinea-incorporated special purpose vehicle — won the public tender (mining concession) to develop Simandou Iron Ore Blocks #1 and #2 (also known as Simandou North Blocks 1 & 2) on November 12, 2019. As of 2023, Winning Consortium Simandou Pte. Ltd. (WCS), a Singapore-incorporated SPV which owned Winning Consortium Simandou S.A.U.. was itself owned by Winning Consortium Holdings Pte. Ltd. (WCH), a joint venture of a Singaporean company called Winning Logistics (Africa) Company Limited (part of Winning International Group) [50% equity stake], a Chinese company called Weiqiao Aluminium (part of the China Hongqiao Group) [50% equity stake], and a Guinean company called United Mining Supply Group [nominal equity stake]. Then, on June 19, 2024, Baowu Resources Company Limited completed the acquisition of a 49% equity stake in WCS, leaving WCH with a 51% equity stake. Baowu Resources Company Limited has an option to increase its equity stake in Simandou Iron Ore Blocks #1 and #2 (via WCH) to 51% during mining operations.
Since 2023, Winning Consortium Simandou Railway Pte. Ltd. (WCS Rail HoldCo) and Winning Consortium Simandou Ports Pte. Ltd. (WCS Ports HoldCo) are each owned by Winning Consortium Simandou Infrastructure Pte. Ltd. (66 percent equity stake) and Simfer InfraCo (34 percent equity stake).
A detailed description of the transactional documentation that supports the Simandou project can be accessed via https://www.dropbox.com/scl/fi/msrsibgfk22jntsspgd71/2024-simandou-technical-report-summary-1.pdf?rlkey=iz50kl8yvciytnbf1i5m6o4bw&dl=016. Simfer S.A. is owned by Simfer Jersey Limited (Simfer Jersey) (85%) and the Government of the Republic of Guinea (15%). Simfer Jersey Limited is an incorporated joint venture comprising Rio Tinto Simfer UK Limited (53%), and Chalco Iron Ore Holdings Limited (47%) (CIOH). It was incorporated under the laws of Jersey with its registered office at La Motte Chambers, St Helier, JE1. 1PB, Jersey.
Winning Consortium Simandou Infrastructure Pte. Ltd. (WSCI) is a Singapore-incorporated special purpose vehicle (SPV). it was a wholly-owned subsidiary of Winning Consortium Holdings Pte. Ltd. (WCH), another Singapore-incorporated SPV, prior to June 19, 2024. After Baowu Resources Company Limited purchased a 49% equity stake in WSCI on June 19, 2024, It became a joint venture of WCH (51% equity stake) and Baowu Resources Company Limited (49% equity stake).
A useful set of diagrams and tables that describe the design of the project and the project's complex ownership arrangements can be found on pgs. 52-55 of https://announcements.asx.com.au/asxpdf/20240221/pdf/060n0qls95cp6z.pdf19. Chalco Iron Ore Holdings (CIOH) provided equity capital and shareholder debt worth approximately $1.645 billion (47% of $3.5 billion) to Simfer InfraCo Limited (a UK-incorporated holding company) to cover the cost of a $3.5 billion infrastructure project involving the construction of a 70 km Simfer spur line and a 60 Mtpa transshipment vessel port, which was to be implemented by Simfer Infraco Guinée S.A. (SIG), a Guinea-incorporated company. It is unknown whether/how CIOH financed its contributions to Simfer InfraCo Limited. This issue warrants further investigation.
CIOH provided equity capital and shareholder debt worth approximately $2.397 billion (47% of $5.1 billion) to Simfer Jersey Limited (a Jersey-incorporated holding company) to cover the cost of a $5.1 billion project involving the development of the Simandou South mining concession covering mining blocks 3 & 4, which was to be implemented by Simfer S.A., a Guinea-incorporated company. It is unknown whether/how CIOH financed its contributions to Simfer Jersey Limited. This issue warrants further investigation.
Baowu Resources Company Limited and Winning Consortium Holdings Pte. Ltd. (WCH) hold 49% and 51% ownership stakes, respectively, in Winning Consortium Simandou Infrastructure Pte. Ltd. Winning Consortium Simandou Infrastructure Pte. Ltd. and Simfer InfraCo Limited hold 66% and 34% ownership stakes, respectively, in the WCS project companies (Winning Consortium Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd). Winning Consortium Simandou Infrastructure Pte. Ltd. and Simfer InfraCo Limited are responsible for providing equity capital and shareholder debt to the WCS project companies (Winning Consortium Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd.) in proportion to their ownership stakes. The total cost of the WCS infrastructure project scope, which involves the construction of a 552 km main rail line and WCS spur line as well as a 60 Mtpa barge wharf, is $8.8 billion. As such, Winning Consortium Simandou Infrastructure Pte. Ltd. is responsible for contributing $5.8 billion (66% of $8.8 billion) in equity capital and shareholder debt and Simfer InfraCo Limited is responsible for contributing $3.0 billion (34% of $8.8 billion) in equity capital and shareholder debt. By extension, Baowu Resources Company Limited is responsible for contributing $2.8 billion (49% of $5.8 billion) in equity capital and shareholder debt and WCH is responsible for contributing $3.0 billion (51% of $5.8 billion) in equity capital and shareholder debt. Baowu Resources Company Limited, in turn, decided to finance its contributions to the WCS project companies — via Winning Consortium Simandou Infrastructure Pte. Ltd. — with a Sinosure-backed syndicated loan from China Eximbank, CDB, and ICBC, which was approved by China's NDRC in late 2023. The face value and borrowing terms of the loan are unknown. This issue warrants further investigation.

📚 Sources & References

Government of Guinea
Winning Consortium Simandou and Rio Tinto Simfer incorporate La Compagnie du TransGuinéen (CTG) to co-develop the rail and port infrastructure for the Simandou iron ore project
MAGAZINE DE LA PRÉSIDEN ÉDITIO C N SPÉC E IALE Vol 1
The Simandou Partners Sign The Founding Agreements For The Compagnie Du TransGuinéen (CTG) Infrastructure
Guinea starts iron ore mining at one of the largest deposits in the world Simandou
Simandou iron ore project secures $15 billion in financing
Simandou iron ore project update
Guinea approves joint development deal for Simandou iron ore project
The Winning Consortium Signed A New Framework Agreement With The Government Of Guinea And Rio Tinto Simfer For The Co-Development Of The Simandou Project
中国宝武积极参与西芒杜铁矿开发项目
西芒杜铁矿项目达成三方框架协议
西芒杜铁矿项目又签署重要文件
多方签署协议，就西芒杜项目基础设施投资开发达成合作共识宝武入局世界级铁矿又有新进展
西芒杜铁矿：沉睡的巨龙｜解释
中方资本在西芒杜项目中的主动权正逐渐增强
几内亚西芒杜铁矿项目迎来重大进展
海外市场开发资讯
COMITÉ STRATÉGIQUE DE SIMANDOU
国别风险监测动态：西芒杜铁矿已签署150亿美元融资协议
Simandou Technical Report Summary
Conditions on Simandou investment now satisfied
WFW advises on US$15bn Simandou project, world’s largest mining and related infrastructure project
Strategic Report 2022
Government of Guinea
Winning Consortium Simandou and Rio Tinto Simfer incorporate La Compagnie du TransGuinéen (CTG) to co-develop the rail and port infrastructure for the Simandou iron ore project
Host of Heavyweight Firms Advising on $15B Guinea Mining Project
Rio Tinto
WCS
Guinea government to develop Simandou iron ore mine infrastructure
Projet Simandou : Signature des Accords Fondateurs pour les Infrastructures de la Compagnie du TransGuinéen (CTG), p r o j e t S i m a n d o u : S i g n a t u r e d e s A c c o r d s F o n da t e u r s p o u r l e s I n f r a s t r u c t u r e s d e l a C o m p a g n i e du T r a n s G u i n é e n ( C T G )
Simandou iron: in Conakry
Djiba Diakité is standing by for transactional agreements and conditions precedent to fall into place before December
Baowu Steel and WCS complete financial closing on Simandou project
Simandou: Rio Tinto’ Simfer urged to release new interim funding to meet December 2025 start of production
Simandou : Simfer (Rio Tinto) prié de débloquer un nouvel interim funding pour honorer l’entrée en exploitation prévue en décembre 2025
Simandou : Mission stratégique de M. Djiba Diakité en Chine pour renforcer les partenariats et relancer les travaux d’infrastructure
LEX Africa member Thiam & Associés wins major African Legal Award
Profile China Development Bank Client Manager
Guinea will restart the development of Simandou iron ore in March with the promotion of China!
Supporting China Hongqiao on its strategic and complex joint venture
Multiple firms guide USD20bn Guinea iron ore project
WFW advises Guinea as US$15bn Simandou African mega-project closes
Conditions on Simandou investment now satisfied
Final Stretch for the Simandou Project
Guinea's Simandou iron ore project signs $15 billion financing agreement
CITIC Securities helps China Baowu complete equity transfer of Simandou iron ore project
Brief Analysis of the Simandou Iron Ore Project in Guinea
官方披露，宝武集团西芒杜项目股份占比揭晓
延宕近20年，逾十家律所助西非西芒杜铁矿项目加速
DISCLOSEABLE TRANSACTION FUNDING CONTRIBUTION AND PROVISION OF GUARANTEES
进出口银行上海分行以政策性金融力量支持共建“一带一路
Simandou Strategic Committee LinkedIn Post
Simandou : après la signature du bouclage financier, le président de Baowu reçu à Conakry par le général Doumbouya
进出口银行上海分行支持共建“一带一路” 以政策性金融力量谱写高质量发展新篇章
山东宏桥新型材料有限公司关于子公司对外担保事项的公告
重要进展！宝武资源与赢联盟签署西芒杜北部区块项目合作协议核心条款
Deals of the Year 2024
第三届“一带一路”国际合作高峰论坛务实合作项目清单
Final stages of financial closing for Simandou underway in Conakry
Project Finance 2024
Rio Tinto PLC Simandou iron ore project update (7929V)
Rio Tinto in $157m first shout for Simandou
全球最大铁矿项目何时供货中国？宝武“入局”西芒杜铁矿北区
东海期货：西芒杜铁矿投产对铁矿供需格局的影响
New Leap in Global Development! Baowu Joined Hands with WCS and Simfer to Officially Sign Simandou Infrastructure Project Clause List with Guinean Government
西芒杜-----铁矿潜能蓄势待发的宝藏之地
Advising China Baowu Steel Group on the closing of its investment in the largest mining and infrastructure project in Africa.
Form 20-F Annual and transition report of foreign private issuers pursuant to sections 13 or 15(d)
Simandou Technical Report Summary
Environmental and Social Impact Assessment of the Simandou Mine and Rail Spur Project
Cape Town : Le Ministre
Moussa Cissé, défend le Méga Projet Simandou, au Forum Minier International d’Indaba, en Afrique du Sud. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.