Australia's iron ore industry has just become much more valuable. Alarmingly, Rio Tinto Plc recently received correspondence from the president of Guinea, purporting to rescind its concession over Rio's Simandou iron ore project. Rio Tinto said it remained confident it has complied with all obligations associated with its exploration right, but this 2.2 billion tonne, high-grade iron ore project would now appear to be in limbo as non-market forces come into play.
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