Guinea agrees to resume Simandou iron ore project

Investors in the Simandou iron ore project struck a deal with Guinea's government to resume development of the world's largest known untapped iron ore reserve after a nearly two-week suspension.

The west African country's ruling junta gave a green light to investors -- which include London-based mining giant Rio Tinto and China's state-backed aluminum giant Aluminum Corp. of China and Shandong Weiqiao Pioneering Group -- to restart operations after a framework agreement was reached to settle infrastructure disputes, local media reported.