Steinmetz’s BSGR Says Guinea Recommends Seizing Simandou
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A Guinean review into ownership of the biggest untapped iron-ore deposit has recommended seizing mining rights owned by a venture of Beny Steinmetz’s company BSG Resources Ltd. and Brazil’s Vale SA.
A government committee set up in 2012 to review mining agreements has advised the West African country to seize the licenses “and terminate existing legal agreements,” BSGR said yesterday in an e-mailed statement sent to Bloomberg News by external public relations firm Powerscourt. BSGR was informed of the recommendation in a letter from the committee to its venture with Rio de Janeiro-based Vale, known as VBG, it said.