The development of the Simandou iron ore project in Guinea could be delayed yet again after Anglo-Australian firm Rio Tinto sacked two senior executives, apparently as a result of irregular payments made to the officials of previous governments. The fate of what is believed to be the biggest undeveloped iron ore reserve in the world has long hung in the balance, with a succession of concession disputes, changes of government in Conakry, corruption allegations, difficulties in securing funding, and changes of ownership. Most recently, in October, Rio Tin-to agreed to sell its concession over part of the reserve to Aluminium Corporation of China for up to US$1.3B, but that sum will only be payable once mining actually begins.
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