Vale considers action after iron ore rights revoked
Vale is weighing legal action after Guinea formally cancelled multi-billion-dollar iron ore rights that the Brazilian mining group held jointly with Israeli tycoon Beny Steinmetz’s family conglomerate following a two-year corruption inquiry.
The revocation of the rights came two weeks after a government inquiry in the west African nation concluded that BSG Resources, the mining arm of Mr Steinmetz’s business empire, won them through a bribery scheme before agreeing to sell a majority stake in its Guinean assets to Vale for $2.5bn in 2010.
Read more at: http://www.ft.com/intl/cms/s/0/eb70afe6-ce18-11e3-9dfd-00144feabdc0.html?siteedition=intl#axzz306x3IQzo
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