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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Ex-BP Engineer Deserves New Gulf Spill Trial -US Appeals Court

A former BP Plc engineer deserves a new trial on an obstruction of justice charge related to the 2010 Gulf of Mexico oil spill, a federal appeals court ruled on Tuesday.

Teekay Sells FPSO, Announces Dividend Boost

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors

Pirates and Hold-ups: Crime Strikes Venezuela's Oil Industry

When night falls over western Venezuela, armed gangs known as "pirates" sometimes ride boats into muggy Lake Maracaibo to steal equipment from oil wells.   In the country's Paraguana peninsula,

News

Dittmann Named Chairman of SEA Europe

Kjeld Dittmann, the Managing Director of Lyngsø Marine A/S, is the new Chairman of the European Ships and Maritime Equipment Association (SEA Europe).    He succeeds Govert Hamers,

Sanamar Launches 3 Tugs from New Yard

Sanmar’s new custom-built, general purpose shipyard at Altinova, Turkey, has launched three 60-metric-ton bollard pull tugs on the same day, less than five months since work first started at the yard.

US Issues Potential Setback to Shell's Arctic Drilling

The Obama administration issued a potential setback to Royal Dutch Shell's  Arctic oil exploration plans on Tuesday, telling the company that established wildlife

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1146 sec (9 req/sec)