Marine Link
Thursday, December 8, 2016

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

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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News