Senegal Resolves Legal Dispute With ArcelorMittal

Bloomberg reported Senegal says it will resolve a legal dispute with ArcelorMittal (NYSE:MT) before negotiating with other companies on developing its iron-ore reserves.

As quoted in the market news:

ArcelorMittal, the world’s largest steelmaker, signed a $2.2 billion deal in 2007 that included building a rail line to the coast and upgrading the port in Dakar, with production scheduled to begin last year. The Luxembourg-based producer suspended the project in 2009 after the world financial crisis. Diouf declined to name companies that may discuss the resource.

Click here to read the full Bloomberg report.