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ArcelorMittal Could Buy Iron-Ore Interests in Guinea from BHP
May. 13, 2014 10:04AM PST
Base Metals Investing Mining.com reported today that top steelmaker ArcelorMittal (NYSE:MT) is poised to purchase BHP Billiton’s (NYSE:BHP,ASX:BHP) interest in a significant iron-ore deposit in Guinea. According to Mining.com, BHP has wanted to sell its stake in the Mount Nimba project since July 2012.
Mining.com reported today that top steelmaker ArcelorMittal (NYSE:MT) is poised to purchase BHP Billiton’s (NYSE:BHP,ASX:BHP) interest in a significant iron-ore deposit in Guinea. According to Mining.com, BHP has wanted to sell its stake in the Mount Nimba project since July 2012.
As quoted in the publication:
The sell is considered a boost to BHP’s plans to exit West Africa and focus its investments elsewhere in the world. The group’s CEO Andrew MacKenzie has made streamlining the company one of his main priorities, which includes cutting back spending on big, capital intensive projects. Guinea has great mining assets, 50% of the world’s reserves of bauxite and significant iron ore —the feedstock ore for aluminum— and significant gold and uranium, deposits.
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