Simandou Iron Ore Mine Breakthrough
This is a China news story, published by Yahoo Finance, that relates primarily to Wabtec news.
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Australian iron ore shipmentsSouth China Morning Post
•Guinea's vast Simandou mine on track to start delivering for Chinese investors
88% Informative
US -based rail manufacturer Wabtec has secured deals worth US$525 million to supply the locomotives that will deliver the first shipments.
Simandou, the world's largest known undeveloped reserve of high-grade iron ore, is strategically important to China .
China aims to diversify its suppliers from Australia and Brazil , that together account for about 80 per cent of seaborne exports.
Simfer and WCS will construct the dual track main rail line, a 16km ( 10-mile ) spur rail line and a 60 million tonne per year barge port.
Ownership of the rail and port infrastructure will transfer from CTG to the Guinean state after 35 years of operation.
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