Guinea’s cabinet approved a recommendation to strip rights to part of the world’s biggest untapped iron-ore deposit from a venture of Vale SA and billionaire Beny Steinmetz’s mining company, BSG Resources Ltd., a government spokesman said.
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.
China Minmetals Corp., the state- owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.
Glencore Xstrata Plc, the global commodities trading and mining group, agreed to buy Caracal Energy Inc. for about $1.35 billion to take control of oil and gas assets in the central African nation of Chad.
A Guinean government review into ownership of the world’s biggest untapped iron-ore deposit has recommended billionaire Beny Steinmetz’s BSG Resources Ltd. and Brazil’s Vale SA be stripped of the project.
African Minerals Ltd., the biggest iron-ore producer in Sierra Leone, said talks with a Chinese trader on a delayed $990 million deal are continuing and the company hopes to complete the transaction this year.
Investors in Rio Tinto Group should oppose its policy on pay and dividends at the annual meeting of shareholders of the world’s second-biggest mining company this month, said Pensions & Investment Research Consultants Ltd.