Guinea says Rio bound to $20bn mine

Guinea said Rio Tinto Group must honour its commitment to develop the world’s largest untapped iron-ore deposit, after the company’s CEO signalled it may delay building the $20-billion mine and related infrastructure because of low prices. Guinea is counting on Rio and other investors, including Aluminum Corporation of China and International Finance, to meet their funding commitments for the Simandou project, the Mining Ministry said in an e-mailed statement.