The world's largest mining project, the Simandou project in Guinea, officially launched on November 11.  The event was a historic milestone for the industry, as the $23 billion mine took nearly three decades from discovery to production.

The mine is a joint operation between Rio Tinto (NYSE:RIO), Winning Consortium Simandou, China Baowu, Chinalco, and the Government of Guinea.

Project Scope and Global Iron Ore Impact

At full capacity, Simandou is expected to produce up to 120 million tons of iron ore annually, accounting for nearly 7% of the world's seaborne iron trade. With an average iron content of approximately 65%, the mine's output will be among the highest-grade globally.

"This outstanding achievement has been made possible through the dedicated hard work of thousands of our colleagues," said Simon Trott, Chief Executive of Rio Tinto. "We are unlocking an exceptional new source of high-grade iron ore that is in demand from customers for ...