Rio Tinto Limited
(ASX:RIO) is meeting the government of Guinea this week to discuss the stalled Simandou iron ore project, according to media reports.
The Guinean government reportedly says it may be willing to allow a third party to build the railway for the giant iron ore project, which could cost over $20 billion.
The comments by Guinea’s president could help to advance the project, which has been delayed by the nation’s failure to secure finance to cover its share of costs.
Guinea’s government says it’s open to a partner financing 51 per cent or all of the railway project.
Rio's partners in Simandou include Chinese state-owned Chalco, and the World Bank's International Finance Corporation.
Rio Tinto posted a net loss of $2.9 billion in its 2012 financial year.
