Brazil’s Vale fears it could lose all of Guinea mine investment
Brazil’s Vale has warned for the first time that it may lose its entire investment in the ill-fated Simandou iron ore mine in Guinea pending a review by the government of the west African country.
BSG Resources, the mining arm of Israeli tycoon Beny Steinmetz’s family conglomerate, sold a 51 per cent stake in its Guinean assets to Vale in 2010 in a $2.5bn deal, under which $500m was paid upfront by the Brazilian miner.
Read more at: http://www.ft.com/intl/cms/s/0/1eba1d3a-b8f0-11e3-a189-00144feabdc0.html?siteedition=intl#axzz2xftcDAid
A Blog for Browsing Mining, Mineral Processing, and Metals Info 