Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Guinea expects to start an auction of the mining rights to half of one of the world's largest untapped iron ore resources in the next two months irrespective of arbitration with previous holder BSG Resources (BSGR), the country's mining minister said. BSGR, a unit of Israeli billionaire Beny Steinmetz's business conglomerate, was stripped of its license to develop part of the Simandou deposit following a Guinean investigation. The company is seeking arbitration and has threatened to sue companies that invest in its former license area.
Guinea expects to start an auction of the mining rights to half of one of the world's largest untapped iron ore resources in the next two months irrespective of arbitration with previous holder BSG Resources (BSGR), the country's mining minister said. BSGR, a unit of Israeli billionaire Beny Steinmetz's business conglomerate, was stripped of its license to develop part of the Simandou deposit following a Guinean investigation. The company is seeking arbitration and has threatened to sue companies that invest in its former license area.
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