Guinea's President Suspends Simandou Iron Ore Auction

Mining Weekly reported that Guinea’s President Alpha Conde has decided to suspend an auction for the right to develop half of the Simandou iron ore deposit, which is the biggest untouched iron ore deposit in the world.
As quoted in the market news:

Speaking to journalists, Conde gave no reason for the decision, though some analysts think a steep drop in iron-ore prices and lawsuits surrounding the deposit may have diminished investors’ appetite for the development.
Conde, who is seeking re-election in a national election due on Sunday, said he had reflected on Guinea’s mining policy and had decided to suspend the tendering process. He did not say when the auction might go ahead.
The mines minister had said in March he expected the auction to be launched the following month, adding he expected great interest despite a steep fall in iron prices. Rio Tinto holds the right to develop the northern half of the deposit, which could produce about 100-million tonnes of iron-ore a year, but rights to the southern half were taken back by the government last year.

Click here to read the full Mining Weekly report.