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Vol 55 No 7

Published 4th April 2014


Guinea

Condé tests Steinmetz

This month, ministers in Conakry are due to announce a landmark decision on the future of the world's biggest iron ore reserves

Beny Steinmetz, the Israeli billionaire whose stake in Guinea's giant Simandou iron ore deposit is in dispute, is having a bad year. Last month, Beny Steinmetz Group Resources received a letter informing it that the technical panel reviewing mining contracts in Guinea had advised the government to cancel its licence to exploit the northern part of Simandou, Blocks 1 and 2 because the panel had found gross irregularities in the way the firm had obtained the concession in 2008 (AC Vol 54 No 13, Condé takes on Steinmetz).

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