Guinea is now ready to produce its first iron ore through its joint venture Guinea Development Corporation, with the first shipment expected to be loaded by June 30.

The Guinea Development Corporation is a joint venture between the government of Guinea, the Africa-focused miner Bellzone and the China International Fund (CIF). The mine has been reported to hold some 40 million tonnes of iron ore reserves.

Guinea controls 15 per cent of the joint venture, while the remaining 85 per cent is equally divided between Bellzone and CIF.

"Total investment in the project is over $300 million. Production volume will be 4 million metric tonnes per year and will subsequently grow to 10 million tonnes," Jack Cheung, CIF's Guinea manager, said on Sunday at a launch ceremony.

According to unidentified Guinean mines ministry official, the iron ore output from the joint venture mine will be passed through a new port in the town of Forecariah, Reuters News reported. It was the Guinea Development Corporation that also built the port.

Guinea is the world's biggest shipper of bauxite, supporting one-third of the world's demand. Bauxite is a mineral bearing rock that contains the aluminum ore.

Apart from bauxite and now iron ore, it also produces gold.

More than 70 per cent of Guinea's exports come from minerals.