Billionaire Beny Steinmetz approved millions of dollars in payments to a wife of the former president of Guinea as he fought to keep part of the world’s largest iron-ore deposit, a suspect in a U.S. graft investigation said in conversations secretly taped by the FBI.
Alpha Conde , a long-time opposition leader in Guinea, the world’s biggest bauxite exporter, claimed victory in a presidential run-off election, triggering riots by the supporters of his rival, Cello Dalein Diallo, who later also said he had won.
Guinea will seek to preserve Vale SA’s interests in Simandou, one of the world’s largest untapped iron-ore deposits, even though its partner is being investigated on corruption allegations, President Alpha Conde said.
A Guinean review into ownership of the biggest untapped iron-ore deposit has recommended seizing mining rights owned by a venture of BSG Resources Ltd., billionaire Beny Steinmetz’s company, and Brazil’s Vale SA.
The mineral-rich West African nation of Guinea has completed a review of a 2008 agreement with Beny Steinmetz’s BSG Resources Ltd. that saw the company gain control of part of the world’s largest untapped iron-ore deposit.
Alpha Conde , the former university professor and opposition leader who was named winner of Guinea’s Nov. 7 election, will be inaugurated as president tomorrow, ending a contentious campaign that saw at least seven killed.