Vale transfers its stake in Simandou project in Guinea to BSG Resources on lawsuits against local government

摘要

An international miner Vale announced late last week giving up its share in Simandou project in Guinea and transferring a majority stake to BSG Resources (BSGR) because of inability to start development of the field due to continuous legal proceedings with Guinea’s government. Problems with Simandou asset started after a reform of laws regulating activity of miners in Guinea that caused withdrawal of a license for the field development in April 2014.