[16] In May 2020, BSGR filed discovery request documents at the court in New York based on transcripts of conversations with former Vale executives that were obtained by the Black Cube private intelligence company. Simandou has more than 2 billion tonnes of high-grade ore. since the signature of the basic convention in June 2019," Fadi Why hasn't platinum price rallied despite a major deficit? The third component is the construction of a new port and associated infrastructure in the Forécariah prefecture to … Simandou has more than 2 billion tonnes of high-grade ore. Simandou is a montains range 100 km long. Both deposits are approximately 7.5 km in length and up to 1 km wide. Guinea's government approved on Thursday a basic agreement for a multi-national consortium to build a railroad and deepwater port to export minerals from the giant Simandou … [8] No charges were brought against Steinmetz or BSGR. China-backed consortium SMB-Winning, which is developing Simandou through a separate company, said last month that it plans to finance half of the construction of the first phase of the railway with equity and half of it with credit. Simandou through a separate company, said last month that it Platinum price was 'suppressed' in 2020 by futures markets - World Platinum Investment Council, Why Friday was the end of an era in mining, The Metals, Money, and Markets Weekly by Mickey Fulp - December 4, 2020, Gold still bullish within macro bearish correction 12/4/20, CPM Group - politics and gold, the lessons of 1933 - Jeffrey Christian. Simandou represents one of the largest iron ore reserves in Guinea and in the world, having estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal. The potential yield of the two deposits is estimated at 2.25 billion tonnes of high-grade iron ore.[2], The Simandou mine has known much turmoil and many mining rights disputes over the years. [30] Much of the Simandou iron ore is expected to be shipped to China for steel production. The second component is the construction of a railway line, which will be approximately 650km long, to transport the extracted ore. Ashapura is also developing the Houda bauxite mine in Guinea, where it expects production to get under way in late 2020 or early 2021 (Africa Intelligence, 05/05/20). The consortium - which includes Singapore's Winning [24] President Condé denied knowing about the bribe. In 2008 Rio Tinto Group, the licensee of the Simandou concession, was ordered by the Guinean government to relinquish the northern half (Blocks 1 and 2, east and southeast of Kérouané) to BSG Resources, a company controlled by the Israeli diamond investor Beny Steinmetz. [15], In 2014, Vale filed a claim against BSGR at the London Court of International Arbitration to recover an upfront payment to BSGR and money it invested in Guinea. China-backed consortium SMB-Winning, which is developing Simandou through a separate company, said last month that it plans to finance half of the construction of the first phase of the railway with equity and half of it with credit. Simandou North and Simandou South ownership details The two northern blocks (blocks 1 and 2) are owned by SMB-Winning Consortium (90%) and the Government of Guinea (10%). La Guinée cède les blocs I et II du fer de Simandou à la Société minière de Boké (SMB) et tourne définitivement la page Beny Steinmetz après cinq ans de litige clôturé par la condamnation de l’homme d’affaires franco-israélien en août. Simandou 1 Zogota iron ore mine Report summary BSGR has relinquished its rights to Simandou Blocks 1 and 2 but Niron Metals, a company associated with the owners of BSGR, has negotiated the right to develop the smaller Zogota deposit which lies in Guinea's south. BSGR denied any wrongdoing[13] and the lawsuit was dismissed in 2015 in the US. Basic Data. The first component is the development of the mine, which is expected to produce 100 million tonnes of iron ore per year. [19] The agreement made BSGR surrender its rights to Simandou but allowed it to maintain an interest in the smaller Zogota deposit while giving Mick Davis, the head of Niron Metals, permission to develop it.[20][21]. Blocks 3 and 4 are owned by Rio Tinto , Chinalco and Guinea's government. Rio’s Simandou mine faces 3-year delay. The Simandou mine is a large iron mine located in the Simandou mountain range of southern Guinea, Simandou represents one of the largest iron ore reserves in Guinea and in the world, having estimated reserves of 2.4 billion tonnes of ore grading 65% iron meta. [14] In November 2016, BSGR filed suit against Rio Tinto for compensation. [26][27] Investigations into the Group's activity in Simandou were also launched by Australian authorities[28] and the US Department of Justice. 650-km (400 mile) railway and deepwater port. [4][5], On April 14, 2013, Frederic Cilins, an agent for Beny Steinmetz's company, was arrested in Jacksonville, Florida as a result of an FBI investigation that began in January 2013. Blocks 3 and 4 are owned by Rio Tinto , Chinalco and Guinea's government. Wyckoff, Gold and silver are mixed heading into the EU session. (Bloomberg) -- China is close to giving the go-ahead for some of its biggest state-owned companies to develop the giant Simandou iron ore mine in Guinea, potentially paving the way for the project to be built after years of legal wrangling. [9], Back in 2010, BSGR sold 51% of their stake to Vale (NYSE:VALE) for $2.5 billion. It said last month August 30, 2013 News s11_admin Malavika Santhebennur. Source. [12] During the same month Rio Tinto filed suit against Vale and BSGR over the validity of their mining license. Analytical Charts - Jim plans to finance half of the construction of the first phase of He This is a significant milestone and has been delivered as per the agreed target date. Zotov holds an active production licence for a bauxite mine in coastal Guinea through his mining company Eurasian Resources (EAR). Source of Conflict. [18], In February 2019, BSGR came to an agreement with Guinea to withdraw the mutual corruption allegations as well as the arbitration case. [1], The Pic de Fon and Ouéléba iron deposits are located approximately 4 km from one another at the southern end of the Simandou Range, approximately 550 km ESE of the capital, Conakry. "We are already on the ground and we have done a lot of work [10] However, after Vale had paid in $500 million, the government of Guinea led by President Alpha Conde launched an investigation into the legality of BSGR's license. The court decided in favor of Vale and awarded it $2 billion. Rio Tinto Simandou Aerial view of the Simandou iron ore project . It is to be the largest iron-ore mine and infrastructure project in Africa. [6] Cilin's detention followed covert FBI recordings of a series of meetings that allegedly showed he had plotted the destruction of documents which it is claimed could have shown the Simandou exploitation rights were acquired following the payment of millions of dollars in bribes to Guinea government officials. Simandou 1 Zogota iron ore mine 12 September 2018 Niron Metals is hoping to commence production at Zogota in 2020 and would produce 2 Mtpa of both lump and fines. billion from around $14 billion. "We finally have hope of realising this old dream for the added that the total cost of the project had been revised to $16 Since then, the Ashapura company operating on the site, Société Guinéenne des Mines de Fer, has been shipping around 175,000 tonnes of ore per month from the port of Konta. ... Simandou’s iron ore production could reach between 95 million and 100 million tonnes a year. For years, it seemed the super-rich ore under a jungle-covered mountain range might never be dug up. Even if Rogers acts only as a secretary for these companies, his active interest in the Guinean mining sector leads one to question his law firm’s impartiality in the Simandou tendering process. In November 2016, Rio Tinto admitted to paying $10.5 million to François de Combret [fr], a close adviser of President Alpha Condé,[23] in 2011 to obtain rights on Simandou. African nation of Guinea, the Simandou iron ore mine is projected to provide nearly 100 million tons of iron ore per year, upon completion in 2015. In 2016, former Guinean mining minister Mahmoud Thiam[22] accused the head of Rio Tinto's Guinea operation department, Steven Din, of offering him a bribe in 2010 with the aim of regaining Rio Tinto's control over half of the undeveloped Simandou project. signed the development agreement. The mines ministry announced in a statement that it had [4], Despite assurances, the mine is still not operational. The non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed. Simandou represents one of the largest iron ore reserves in Guinea and in the world, having estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal. Rio Tinto Limited plans to build a 650 km railway to transport iron ore from the mine to the coast, near Matakong, for export. Guinea's government approved on Thursday a basic agreement for the development of its giant Simandou iron ore project by a consortium representing Chinese, French and Singaporean interests, the mines minister told Reuters. government - won a tender last year to develop blocks 1 and 2 of Simandou has more than 2 billion tonnes of high-grade ore. The investigation aimed to establish whether potential illegal payments made to obtain mining concessions in Guinea had been transferred to the United States in breach of the Foreign Corrupt Practices Act, which allows U.S. officials to pursue bribery cases abroad. the railway with equity and half of it with credit. Wyckoff, Where Are the Stops - Jim [3], In March 2010 Rio Tinto and its biggest shareholder, Aluminum Corporation of China Limited (Chinalco), signed a preliminary agreement to develop Rio Tinto's iron ore project. Simandou mega-mine to dint iron ore market Alan Kohler speaks with Equities Strategist at Mason Stevens Asset Management, Rod Skellet, about the impact the Simandou Project in Guinea could have on BHP and the global iron ore market and his work on food security tensions in the South China Sea. The mine is expected to produce up to 95 MTpa of ore.[31], "Rio Tinto - Iron ore resources, Simandou, Republic of Guinea, Rio Tinto News Announcement RNS Number 4634V", "Rio says reaches accord with Guinea over Simandou", "Joint venture for Simandou Guinea,Iron ore,Simandou project,Steel,Steel, BHP Billiton,Chinalco,Rio Tinto,World Bank, Agreement,Joint ventures,Port developments,Rail,", "Rio Tinto, Chinalco, agree to develop Guinea iron ore field", "U.S. arrests man linked to Israeli tycoon in Africa graft probe", "FBI arrest agent over bribery cover up claim in battle over $10bn mountain", "Vale may settle Simandou lawsuit | MINING.com", "Guinea: BSGR seeks arbitration in Simandou dispute | African Energy", "Rio sues Vale and Steinmetz's BSG over Guinea mine", "Steinmetz, BSG Resources Win Dismissal of Rio Tinto Lawsuit", "Mining Billionaire Gets Help From Ex-Spies in Bitter Legal Fight", "Mining billionaire gets help from ex-spies in bitter legal fight", "Mining Billionaire Ends Bitter Guinea Dispute After Months of Secret Negotiations", "Israeli Billionaire Steinmetz's BSGR Settles Guinea Row, Looks to Zogota Iron Ore", "Beny Steinmetz settles dispute with Guinea over iron ore project", "Rio Tinto Offered Bribe for Mine, Ex-Guinea Minister Says", "Rio Tinto set to quit Guinea iron ore project with sale to Chinalco", "Audio recordings drag Guinea president into mine bribery scandal - France 24", "SFO says it is investigating Rio Tinto over Guinea operations", "UK's SFO says opens investigation into Rio Tinto Group", "UK Serious Fraud Office probes Rio Tinto Guinea project", "UK Serious Fraud Office joins Rio Tinto 'corruption' inquiry", "GUINEA: SIMANDOU PROJECT GAINS MOMENTUM", https://en.wikipedia.org/w/index.php?title=Simandou_mine&oldid=991502024, Creative Commons Attribution-ShareAlike License, This page was last edited on 30 November 2020, at 11:49. Iron Mine on Simandou Mountain Range, Mine de Fer, Guinée Description:. During the same month the company agreed to sell their remaining 46.6% stake in the mine to Aluminum Corporation of China Ltd. (Chinalco) for $1.3 billion.
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