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Rio Tinto pushes ahead with Guinea megamine despite writedown

Rio Tinto will seek financing for its massive Simandou iron ore project in Guinea, despite writing down its value due to low commodity prices and funding uncertainties. The world’s No. 2 miner on Thursday reported a net loss of $866-million last year, hammered in large part by a $1.1-billion writedown of the $20-billion Simandou project, considered the world’s biggest untapped iron ore deposit.