Rio Tinto Group, the world’s second- biggest mining company, agreed financial terms with the government of Guinea for a potential $20 billion iron-ore mine, port and rail project that may start by the end of this decade.
Guinea’s leading opposition politician, Cellou Dalein Diallo, said the country’s stability will hinge on the transparency of a 2015 presidential election, in which he plans to run against President Alpha Conde.
Rio Tinto Plc sued Vale SA and Israeli billionaire Beny Steinmetz and his BSG Resources Ltd., saying they conspired to steal rights to the world’s biggest untapped iron-ore deposit by bribing officials in Guinea.
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.
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.