Relations between Israel’s wealthiest person Beny Steinmetz and the mineral-rich African nation of Guinea have deteriorated to such an extent that neither the billionaire nor any of his representatives plan to attend a final hearing into the ownership of a prized iron-ore asset.
Guinea asked BSG Resources Ltd., billionaire Beny Steinmetz’s mining company, to provide details of gifts and payments to officials as a review into ownership of one of the largest untapped iron-ore deposits nears completion.
Rio Tinto Group is unlikely to develop its $10 billion iron ore project in Guinea in the foreseeable future as the African state struggles to fund transport links, the country’s former mines minister said.
Rio Tinto Group , the world’s third- largest mining company, may lose its Guinean mining license should it fail to hand over documentation for its Simandou iron ore project, Mines and Geology Minister Mahmoud Thiam said.
The wife of former Guinea President Lansana Conte is helping the U.S. investigate whether a company controlled by billionaire Beny Steinmetz paid bribes to win an iron-ore deposit, a person with knowledge of the probe said.
Rio Tinto Group may face a call from Guinea’s government to “obey or leave” over a dispute on its ownership of resources at an iron-ore project in the West African nation, according to Mines Minister Mahmoud Thiam .
Rio Tinto Group said it would be interested in regaining control of disputed iron-rich ground in Guinea it was stripped of in 2008, prompting the recipient of the land to claim Rio has no viable plan for its development.
Guinea does not recognize Rio Tinto Group’s agreement to sell a $1.35 billion stake in the Simandou iron ore deposit to Aluminum Corp. of China Ltd., known as Chalco, Mahmoud Thiam, Guinea;s mines minister, said in an interview in Conakry, the capital, today.