Contest Over Simandou Iron Ore Heats Up
Investing News Network - February 23rd, 2015
Mineweb reported that Brazil’s Vale SA (NYSE:VALE) has agreed to hand over a development study for the contested Simandou deposit in Guinea to Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO).
Mineweb reported that Brazil’s Vale SA (NYSE:VALE) has agreed to hand over a development study for the contested Simandou deposit in Guinea to Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO).
As quoted in the market news:
Guinea seized a portion of the rights to mine the Simandou deposit from billionaire Beny Steinmetz’s BSG Resources Ltd. and Vale and plans to sell them in the next few months, with President Alpha Conde estimating the sale should fetch more than $100 million.