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But who can blame a poor country for turning its eyes towards obvious sources of wealth – Tanzania and soda-rich Lake Natron, which an Indian company wanted to exploit despite its precious population of flamingos, or the Kongou Falls in Gabon, threatened by a Chinese iron ore project?
But last month, Rio signed a deal to develop with Chinalco a huge iron ore project in the West African country of Guinea.
Minas-Rio, a large iron ore project in Brazil and one of Ms. Carroll's initiatives, is struggling with rising costs and delays because of licensing problems.
Last week, Rio Tinto said that it had formed a joint venture with Chinalco, the Chinese state-owned company, to develop a huge iron ore project in Africa.
Sundance is focused on mineral deposits on the border of Cameroon and the Congo Republic, where it is developing a multibillion-dollar iron ore project called Mbalam.
LONDON – Anglo American took a $4 billion charge on Tuesday on an iron ore project bought at the top of the market.
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Beijing turned cautious about overseas acquisitions after spending billions of dollars on iron ore projects in Australia that have yet to generate returns.
Mackenzie said that while productivity gains meant BHP's production would creep up, the miner had no plans to invest in any major iron ore projects going forward.
The iron ore projects will create at most a few tens of thousands of jobs – not enough to relieve the endemic unemployment in a country of six million.
China announced financing curbs for ore imports in April.Foreign investors have pumped billions of dollars into iron ore projects since peace was restored in Liberia, and revived production has spurred economic growth in recent years.
The British mining company Anglo American is in exclusive negotiations to pay $5.5 billion for control of iron ore projects owned by the Brazilian mining concern MMX Mineração e Metálicos, the companies said.
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