ASX-listed Rio Tinto's Simandou Iron Ore Project in Guinea will cost US$6.2 billion ($9.46 billion) for its initial share of capital expenditure for the Simfer mine and co-developed rail and port infrastructure.
The project involves co-developed rail and port infrastructure, which will contribute to the decarbonisation of the steel industry.
Maiden production is expected to begin in 2025, with an annualised capacity of 60 million tonnes.
The project's full sanction is contingent on meeting remaining conditions, including approvals from joint venture partners, China and Guinea.