Deals
Guinea Recommends Stripping Simandou From Steinmetz, Vale
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A Guinean government review into ownership of the world’s biggest untapped iron-ore deposit has recommended billionaire Beny Steinmetz’s BSG Resources Ltd. and its partner Brazil’s Vale SA be stripped of the project.
A government committee said it found evidence of corruption in the award of the licenses for Simandou’s blocks 1 and 2 and the Zogota project, according to a copy of its report seen by Bloomberg News. “These corrupt practices tarnish and thus void the mining titles and the mining convention,” it said.