Fatal Incident at Guinea Iron Ore Mine Forces WCS to Stop Operations

A consortium called Winning Consortium Simandou had to halt operations at its Kerouane mine in Guinea following an accident in which three foreign workers lost their lives. The company initiated emergency procedures and provided medical care at a local hospital, although the specific cause of the accident was not disclosed. This decision was made to conduct a comprehensive review of safety protocols. WCS is responsible for two mining concessions within the larger Simandou iron ore project, with the remaining two held by a partnership between Rio Tinto Plc and Aluminum Corp. of China. Both groups are set to commence iron ore exports next month and aim to reach a combined annual output of 120 million tons. This would account for approximately 5% of global iron ore production in 2024. Guinea hopes to leverage the economic benefits from these mines to improve its socio-economic standing. It is unclear if this shutdown will impact the timeline for the first shipment as investigations are ongoing. Operations will resume once safety measures can be assured. Earlier in August, Rio's mine site in Guinea had a temporary stoppage due to a worker fatality. WCS is backed by Chinese and Singaporean entities, including China Baowu Steel Group Corp Ltd., the world's largest steel producer. The Guinean government holds a minority stake in both consortiums.