The event on Tuesday at Guinea’s Morebaya port, attended by Chinese and regional African leaders, saw the departure of the first shipment of ore from the Simandou project – a major feat after nearly three decades of development.
The Chinese delegation was led by Vice-Premier Liu Guozhong, who underscored the importance Beijing has attached to securing high-grade ore for decarbonising the national steel industry and diversifying away from Australian supplies.
Guinean officials are aware of the possibility that Chinese firms would use the massive influx of high-grade ore to suppress global iron ore prices, but have pledged to actively collaborate with Rio Tinto to leverage the mine’s premium product and Rio Tinto’s market expertise to maintain stable high prices for the ore.
