Guinea Mining News

Police detain central figure in mining's largest corruption scandal

Israeli diamond billionaire Beny Steinmetz, four others, in custody of Israeli police on suspicion of fraud, forgery, obstruction of justice and bribery.

Stellar Diamonds extends sale of Guinea assets, refinances loan

The diamond miner decided to offload those units to focus on its Tongo-Tonguma project in Sierra Leone, which has the potential to generate earnings of $45 million a year.

UK Serious Fraud Office launches probe into Rio Tinto over Simandou

"Suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it."

BSGR may have to pay $1.2bn for no show at Simandou-related hearing

The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.

Chinalco wants to be sole owner of world’s largest iron ore deposit

Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.

Stellar Diamonds jumps on Tongo-Tonguma tribute mining agreement

Deal creates one of the largest diamond mines in West Africa.

Rio Tinto chairman Jan du Plessis steps down, set to lead BT

He joins a growing list of chairmen who are leaving some of the world's' top mining companies, including BHP Billiton and Anglo American.

Rio Tinto defers former CEO Walsh bonus over Guinea scandal

Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.

Stellar Diamonds to operate Tonguma mine in Sierra Leone

The company originally intended to combine its Tongo project with Tonguma, but it has now decided to become the mine's operator.

Rio Tinto, Chinalco put an end to copper joint venture

The amicable divorce ends a six-year-old exploration joint venture originally set to find copper deposits in China.

BSGR boss house arrest ends with no charges over Guinea bribery claims

The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.

Former Chinalco boss sent to prison for 16 years 

A Chinese court has sent a strong message to corporate executives who have been seeing playing fast and loose within the rules of boon-times capitalism in China.

BSGR boss Beny Steinmetz arrested in Israel over Guinea bribery case

The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.

BSGR to file multi-billion lawsuit against Rio over Simandou

BSGR will sue Rio Tinto in the English High Court to recover losses allegedly caused by Rio's actions, which run to several billions of dollars.

Fresh shake-up at Rio Tinto in aftermath of bribery probe

Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.

Heads roll at Rio Tinto over Simandou probe — Davies, Valentine fired

Energy and Minerals chief executive Alan Davies said he would take the mining giant to court over his dismissal, adding there were “no grounds” for his termination.

Rio learnt about Simandou dubious payment over a year ago — report

Company is said to have found out about the emails referring to a questionable $10.5m payment to a consultant over the Guinea project more than a year ago, not 'just' in August, as it claimed.

Rio Tinto staff shaken to the core by bribery probe — CEO

Speculation is running and some of what is being said strikes at the heart of the culture and values of the company, chief executive officer Jean-Sébastien Jacques said in an internal memo.

Rio Tinto energy and minerals chief suspended over Simandou bribery claims

Alan Davies suspended after miner found payments made to consultant in 2011, when he was in charge of the iron ore project.

Rio's Simandou sale 'could crush the price of iron ore'

"It would of obvious strategic benefit for China to control a major iron ore deposit and add new supply to discipline the market."

Chinese buy world's largest mining project

Rio Tinto announces deal to exit Guinea and giant Simandou iron ore project.

Fresh blow to world's largest mining project

World Bank pulls out of $20 billion Simandou iron ore project in Guinea, West Africa.

Stellar posts upbeat economic assessment for Sierra Leone’s second largest diamond project

The company said its proposed Tongo-Tonguma mine economic evaluation demonstrates robust financial returns for a modest capital requirement.

Stellar Diamonds to ink deal that would create Sierra Leone’s second largest mine

The diamond producer plans to combine its Tongo mine with Octea Mining’s adjacent Tonguma operation.

Simandou shelving great for Rio, rivals

$20 billion West African iron ore mega-project had the potential to lower long-term iron ore price by $5 per tonne according to new report.