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.
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 , 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.
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.
Guinea’s President Alpha Conde halted the rebuilding of a railway from the capital, Conakry, to the city of Kankan. Vale SA, the world’s second-largest mining company by market value, had planned to invest $1 billion in the project.