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Analyst: China Will Diversify Iron Ore Buys From Australia, Brazil To Guinea in West Africa

by Eric Olander

Peter O’Connor, a senior analyst of metals and mining at the Australian investment firm Shaw and Partners, said out loud on CNBC what many people have been quietly thinking: that the natural progression of China’s steadily deteriorating ties with Australia will prompt Beijing to end its dependence on Aussie iron ore and look to the massive Simandou mine in Guinea as a potential alternative.

“China needs to diversify their supply, and I think the country where they will most likely do that, which has been simmering for some time, is a country in West Africa called Guinea … and probably largely China-funded and developed,” he said.
 

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