Rio Tinto Granted 3-Month Extension in Guinea Iron Ore Dispute
Rio Tinto has been granted an extension of three months in the dispute in Guinea over the Simandou iron ore concession. The Anglo Australian mining giant had invested in the largest undeveloped iron ore deposit in Guinea but has been in dispute over blocks 1 and 2 which were given to BSG Resources.
Rio Tinto paid $680 million to the government but the officials in Guinea refuse to grant it rights of the two disputed blocks saying that was already with BSG Resources. The mining officials have now given Rio Tinto three months to formally renounce the disputed areas of risk losing its entire stake in the mineral rich area.
A letter from the Guinean Ministry of Mines has been sent to Simfer, the Rio Tinto Subsiadary, granting an extension of existing exploration tenure for three months from February 24. This will give them time to examine an application for a replacement mining concession that the company has lodged with the government.
In the meanwhile the Brazilian company Vale, which is developing the blocks 1 and 2 on behalf of BSG Resources, had announced on Tuesday that iron production at the Zogota mine in the Simandou will begin in 2012.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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