A corruption probe into how a group run by Israel’s richest person secured rights to a Guinea iron ore project is set to spark interest from rival companies looking to swoop on one of the world’s most valuable deposits.
Rio Tinto Group’s foray into Mozambique, which cost the world’s No. 2 mining company $3 billion, has highlighted a lack of rail and port capacity that threatens to check a coal boom in the southeast African nation.
Rio Tinto Group sees its global iron ore production approaching 450 million tons a year in the next five years, the company’s international operations for iron ore Alan Davies said. Davies made the comments in a presentation to a steel conference in Dusseldorf today.
Oman will award a contract “very soon” for construction of the planned Sur Power Plant as it struggles to meet a projected 9 percent annual increase in electricity demand, the head of the utilities authority said.