China pushes its African iron ore hedge

The signs keep coming that Australia can no longer rely on China to be its permanent ticket out of trouble. Beijing is adding more investors to develop Guinea's Simandou project, the world's largest untapped iron ore resource. Satellite pictures show the progress on the complex mine, railway, and port development which plans to start shipping ore to China by 2025. China is trying to hedge its iron ore dependence on Australia. Getty At 60 million to 80 million tonnes a year compared to the near billion tonne annual exports of the Australian iron ore behemoth, Simandou is a filler rather…