Vale to concede 35% of Simandou to Guinea
Vale SA will likely hand over 35% of its Simandou iron ore project to Guinea.
The Wall Street Journal (sub required) is reporting that Vale, one of the top three producers of iron ore, is working on an accord whereby the company concedes 35% of the Simandou project to the Guinean government. The accord falls in line with the country' new mining laws, which allow the government to increase its stake in mining projects from 15% to 35%.