Vale, Guinea in Talks on Halted Railway Project, Company Says
Vale SA (VALE5) and Guinea are in talks about technical aspects of a 662-kilometer (411-mile) railway project that was halted by the West African nation’s government, said Ricardo Saad, Vale’s project manager at the Simandou mine.
“The government wants to discuss with us certain parameters and we wish to have a solution very soon,” Saad said in an interview in Conakry, the capital, yesterday. He declined to provide details of the talks.
Guinea’s president, Alpha Conde, halted the rebuilding of the railway between Conakry and the city of Kankan on April 17, saying he disapproved of Portugal-based Zagope carrying out the work.
On Feb. 22, Vale said it planned to invest more than $1 billion in the railroad, which would be in operation by 2013 or 2014.
To contact the reporter on this story: Ougna Camara in Conakry via Accra at ebowers1@bloomberg.net.
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.
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