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IFC Statement on the Simandou Iron Ore Project, Guinea

Washington, DC, February 11, 2016 —IFC, a member of the World Bank Group, today issued the following statement in relation to the Simandou Iron Ore Project in Guinea:
“We understand Rio Tinto’s accounting action on its Simandou exposure as reflective of prudential accounting requirements for a public company in the current market context facing extractives projects.  IFC remains fully supportive of ongoing work on the Simandou project, including the Banking Feasibility Study and local content initiatives supporting Guinean employment and procurement. Simandou is a world-class, low cost iron ore deposit with significant economic potential for Guinea, and we look forward to working with the Government of Guinea and our other Simandou partners towards its development.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
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