Value of Over US$110 Million Contract Signed between XCMG and Rio Tinto SimFer Covers Dozens of Mining Trucks and Mining Graders for the World's Largest Untapped Reserve of High-grade Iron Ore

CONAKRY, Guinea, Aug. 21, 2024 /PRNewswire/ -- XCMG Machinery (SHE: 000425, "XCMG"), the world's leading construction equipment manufacturer, has entered into a landmark global cooperation framework agreement with Rio Tinto, the world's largest iron ore producer in Conakry, Guinea's capital. Another statement of work for the Simandou iron ore project, the world's largest untapped reserve of high-grade iron ore, has also been signed between XCMG and Rio Tinto SimFer, a joint venture between the Government of the Republic of Guinea, Rio Tinto, and Chalco Iron Ore Holdings, involving the supply of a comprehensive suite of core mining equipment valued over US$110 million, including over 34 units of 230-ton mining trucks and over dozens of large mining graders with 350 and 550 horsepower, ancillary equipment and large production loaders and excavators.

"This marks a new beginning of high-level friendly cooperation between XCMG and Rio Tinto and further demonstrates our leading technology and innovation capabilities in the field of heavy mining equipment." Liu Jiansen, Vice President of XCMG Machinery, expressed his enthusiasm about the collaboration. "Over the years, XCMG and Rio Tinto have developed a deep friendship through cooperation. We are honored to provide high-quality large-scale complete sets of mining equipment for the Simandou project in West Africa. We thank Rio Tinto for their trust,"

The statement of work for the mining project on-site, joining forces to assist in the mining of the Simandou project, is expected to have substantial positive impacts on local communities by creating jobs and enhancing technical skills among residents. Both companies are committed to investing in vocational training programs that will aid community development around the mining area.

Located in the southeast of the Republic of Guinea, the Simandou mountain range is home to some of the highest-grade iron ore in the world, globally making it highly significant within international mineral markets.

"Following a competitive tender process, we are pleased to award the HME contract to internationally renowned XCMG," said Chris Aitchison, Managing Director of SimFer. "This contract--with its robust provisions for community development and technical training--reflects our project partners' commitments to maximizing the benefits of the Simandou project through local content, prioritization of local employment and upskilling, and investment in vocational and technical skills."

"The Simandou project can be a key driver of growth in Guinea - catalyzing a new wave of investment, building the country's entrepreneurial fabric and supporting development across the country. Through the promotion of local content and investment in local communities--both of which are embedded in this contract award--we can unlock the project's full transformative potential." said Aboubacar Koulibaly, Head of Rio Tinto Guinée.

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