A Rio Tinto Plc unit signed a $277 million settlement to purchase locomotives from Wabtec Corp. to move iron ore from Guinea’s Simandou deposit, the world’s greatest untapped reserves of the mineral.
The businesses signed the deal within the capital, Conakry, on the second anniversary of the Compagnie du TransGuinéen, a transport three way partnership that’s 15% owned by Guinea’s authorities, and 42.5% equally held by a Rio Tinto grouping with Chinese language traders often known as Simfer, and China-backed Successful Consortium Simandou, Simfer stated in an emailed assertion.