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Fortescue confirms Simandou iron ore development bid

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Fortescue confirms Simandou iron ore development bid

Fortescue Metals Group Ltd. confirmed that it submitted a bid to develop blocks 1 and 2 at the Simandou iron ore deposit in Guinea, Reuters reported Oct. 7.

Fortescue is one of the last two bidders in the running for these rights, along with the country's largest bauxite exporter, SMB-Winning, according to the newswire.

CEO Elizabeth Gaines told Reuters that details of the bid are confidential and there is no guarantee that any bid submitted will be successful.

A government commission is expected to make a final decision on the Simandou tender in about a month, sources close to the commission had said.

Fortescue was reported to be interested in the deposit when the Guinean government launched an international tender for the two blocks in July.