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Aug 21, 2024 11:20 AM

Rio Tinto And XCMG Team Up In $110M Equipment Deal For Guinea's Iron Treasure: Details

Rio Tinto Group (NYSE:RIO) shares are trading higher today. The company inked a global cooperation agreement with construction equipment manufacturer XCMG Machinery for over $110 million.

The deal includes the supply of essential mining equipment for the Simandou iron ore project in Guinea, a notable untapped high-grade iron ore reserve.

Located in southeastern Guinea, Simandou holds some of the highest-grade iron ore globally, making it crucial in international mineral markets.

The contract covers over 34 units of 230-ton mining trucks, large mining graders with 350 and 550 horsepower, ancillary equipment, ...