Rio Tinto planned capital investment of approximately US$10 billion per year from 2024 to 2026, with its main investment over the next three years being an equity stake in the Simandou iron ore project in Guinea.

Simandou is the world’s biggest undeveloped high-grade iron ore deposit. If the project is approved, if will have the potential to become the continent’s most extensive greenfield integrated mine and infrastructure investment.

Rio Tinto formed a Simfer joint venture (JV) with China's Chalco Iron Ore Holdings (CIOH) and the Guinean government, with Rio Tinto owning 53% of the shares and CIOH holding the remaining shares.

Rio Tinto is expected to contribute approximately US$6.2 billion to the initial development of the Simandou mine.

The company's involvement in Simandou revolves around ownership of two mines, with the first production expected to come on stream in 2025 and a gradual ramp-up over 30 months.