Guinea Govt Approves Proposal to Strip BSGR, Vale of Mining Permits

Posted by Michelle Howard
Thursday, April 17, 2014

Guinea's government has approved a report recommending that BSG Resources (BSGR) and its joint venture partner, Brazilian mining giant Vale, be stripped of two iron ore concessions, a Guinean government source said on Thursday.

 

The recommendations were made in a report by a committee charged with reviewing the West African nation's mining deals released last week, which accused BSGR of obtaining the rights by corruption. BSGR, the mining branch of Israeli billionaire Beny Steinmetz's conglomerate, has denied the allegations and said it would seek international arbitration.

 

"The cabinet has approved the technical committee's recommendations," the source, who asked not to be named, told Reuters after a cabinet meeting on Thursday.



The committee's report recommended that Guinea withdraw the mining permit held by VBG, the joint venture between BSGR and Vale, in the giant Simandou iron ore deposit and cancel its Zogota mining concession.



It also called for the government to exclude VBG from any future process to re-allocate the licences.


(Reporting by Saliou Samb; Writing by David Lewis and Joe Bavier, editing by David Evans)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

News

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1114 sec (9 req/sec)