Guinea-Conakry Unveils Ambitious $20 Billion Simandou 2040 Development Roadmap
Guinea-Conakry is making strides to solidify its position as a global leader in iron ore production with the launch of its $20 billion Simandou 2040 national development roadmap. This ambitious initiative aims to tap into the country’s vast mineral resources while driving socioeconomic growth across various sectors. At the same time, Guinea-Conakry is set to bolster its hydrocarbon industry leveraging a robust petroleum system and an extensive seismic data inventory.
During a technical session at the African Energy Week (AEW): Invest in African Energies 2024 conference, the Ministry of Energy, Hydraulics and Hydrocarbons of Guinea-Conakry presented its strategy to enhance competitiveness in the global mining arena.
“Guinea-Conakry boasts the world’s richest iron ore reserves,” stated Abdourahim Barry, Deputy National Director of Hydrocarbons at the Ministry of Energy, Hydraulics and Hydrocarbons. “While our bauxite production is thriving, our focus is now shifting towards becoming a major player in the iron ore industry.”
The Simandou 2040 project revolves around four key pillars of development, including the extraction of around 2 billion tons of iron ore from the Simandou mine, with initial exports scheduled for 2026. Additionally, the project entails the construction of the 650-km Trans-Guinean Railway to connect the mine to the Atlantic coast, along with the development of a deepwater port to facilitate efficient export processes and bolster global trade ties.
Barry highlighted that the project is expected to generate $3.5 billion in annual revenue by 2031.
Moreover, the technical session shed light on Guinea-Conakry’s hydrocarbon prospects. The country’s national petroleum agency, Société Nationale du Pétrole (SONAP), unveiled plans for a hydrocarbon master plan and initiatives such as on- and offshore data reprocessing, onshore stratigraphic drilling, and local collaboration with regional data.
“We have a significant onshore potential,” noted Mohamed Mansae, SONAP Upstream Director. “With over 15,000km² of 3D data and 45,000km² of 2D data, recent findings indicate the presence of crude oil-type hydrocarbons based on extensive sampling.”
Benefitting from its proximity to notable hydrocarbon discoveries in neighboring countries like Ivory Coast, Senegal, and Mauritania, Guinea-Conakry currently offers 27 offshore blocks and seven onshore blocks open for exploration and development.
This strategic move underscores Guinea-Conakry’s determination to leverage its natural resources for sustainable economic growth and establish itself as a key player in the global mining and hydrocarbon sectors.
This article was distributed by APO Group on behalf of the African Energy Chamber.
