Mining group agrees to walk away from Simandou project, with all legal actions ceasing

The mining group controlled by the controversial tycoon Beny Steinmetz is to walk away from a massive iron ore project in Guinea as part of an agreement that settles a long-running corruption dispute with the west African nation.

Development of Simandou – one of the world’s biggest iron deposits, containing billions of tonnes of high-grade ore – has been hindered by years of legal wrangling as well as the enormous cost of the required infrastructure, estimated at more than $20bn (£15bn).

Continue reading…

Read More Beny Steinmetz settles dispute with Guinea over iron ore project

Facebook Comments