Guinea Completes Review of Billionaire Steinmetz’s Mine
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The mineral-rich West African nation of Guinea has completed a review of a 2008 agreement with Beny Steinmetz’s BSG Resources Ltd. that saw the company gain control of part of the world’s largest untapped iron-ore deposit.
A government committee will now notify the company of its conclusions, Nava Toure, head of the review, said today by phone in the capital, Conakry, without disclosing any details. The investigation started in 2012. BSGR owns 49 percent of a venture, VBG, that controls licenses covering the Simandou project. Brazil’s Vale SA owns 51 percent.