- The Simandou range in southeastern Guinea is
home to the world’s largest known undeveloped reserves of high-grade iron
ore
- The vast deposits hold both economic and geopolitical significance
for China, as it seeks resource security and less dependence on Australia
Simandou, a 110km (68 mile) mountain
range in the inland forests of southeastern Guinea, is home to the world’s
largest known undeveloped reserve of high-grade iron ore, with a projected
annual production capacity of 120 million tonnes.
The vast deposits have drawn Chinese
multinationals including the world’s largest steel producer China Baowu, which
recently signed a deal to develop two blocks of the Simandou mine.
As China’s economy slows, it has become
very selective in funding projects under its multinational Belt and Road
Initiative. But the construction industry – which consumes massive amounts of
steel and aluminium – still gets most of the financing.
Others on the list were the Kamoa
copper and cobalt mine in the Democratic Republic of the Congo (DRC), from
where China sources most of its cobalt for making electric vehicle batteries,
and the Kururi potash mine project in Eritrea.