Beny Steinmetz settles dispute with Guinea over iron ore project

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...

from World news | The Guardian https://ift.tt/2GKAvAM