Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
The world needs Guinea’s massive Simandou iron ore deposit to be developed, Rio Tinto’s chief executive said on Thursday, despite uncertainty in Guinea after last month’s coup.
“There is, of course, a bit of uncertainty about Guinea at this point in time, but fundamentally nothing has changed; namely, that there is a need for the world to develop Simandou,” Rio Tinto CEO Jakob Stausholm said.
Simandou “has to be done in a very careful way, from all sorts of ESG angles, not least biodiversity,” Stausholm added, speaking at an FT mining conference.
TIMELINE: The battle for Simandou
Simandou, in Guinea’s remote, mountainous and forested southeastern corner, has lain undeveloped for decades because of the complexity and expense of transporting ore to the coast.
Asked whether Rio Tinto would be a shareholder in the infrastructure being built to get iron ore from Simandou to the global market, Stausholm said he sees the development as one integrated project.
“We need to take a shared responsibility that things are being done in a responsible way, always,” he said.
(By Helen Reid and Clara Denina; Editing by David Goodman and Steve Orlofsky)
2 Comments
Ing. Ricardo Chao
El precio de mineral de fierro dificilmente subirá a mas de $135.00 DLLS. por tonelada, ya que China, próximamente entrara a los juegos olímpicos de invierno, lo cual traerá restricciones ambientales, afectando directamente a la industria acerera.
Shane
He’s only saying that because he knows China wants the ore from that mine so they can stop buying Australian ore and drive prices into the ground. If the Guinea government or military is smart they’ll make sure the market doesn’t get flooded with high grade ore which is what China is hoping to do. By maintaining a steady supply of ore a fair price can be maintained and mining operations won’t be forced to close. Instead of pandering to China’s demands we need to assist India and other smaller South East Asian nations to develop and build their manufacturing industries to become effective competition against China. It’s high time that the world put the Chinese Communist Party in the naughty corner and refuses to put up with their economic extortion and outright bully tactics. As it stands we have a moral obligation to refuse to trade with them because of how they treat the Ughyr people and their outright refusal to accept that they do not have any right to put them in forced labour camps, or as Hitler would have like to call them re-education camps.