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KIGALI May 21 Guinea will sign an investment
framework agreement for its multi-billion dollar Simandou iron
ore project with partners Rio Tinto, International
Finance Corporation and China's Chinalco on May 26,
the country's mines minister said on Wednesday.
Yansane Kerfalla said the West African country was on track
to conclude negotiations on the framework agreement - which
basically looks at how to raise money for the project - with its
partners on the giant Simandou project.
"Actually we are signing on May 26 the investment framework
with Rio Tinto, IFC and Chinalco from China," Kerfalla told
Reuters on the sidelines of the African Development Bank's
annual meeting in the Rwandan capital.
The investment framework agreement will enable funding for
costly infrastructure on the southern half of the Simandou mine
that is estimated to cost up to $20 billion or more.
The project includes the constructing almost 700 km (430
miles) of rail, 35 bridges and a four-berth wharf 11 km
Kerfalla said Guinea was also preparing the tender process
for the northern half of Simandou after the government cancelled
a previous mining concession held by BSG Resources and its joint
venture partner Vale.
(Reporting by Duncan Miriri; Writing by Bate Felix. Editing by