Brazilian giant acquired the interest in Simandou from diamond tycoon Beny Steinmetz's mining arm BSGR for $2.5 billion in 2010.
Simandou Mining News
Brazilian iron ore giant Vale has removed its six international employees and put its local workers on leave.
Brazilian giant Vale acquired the interest in Simandou deposit in Guinea from BSGR for $2.5 billion in 2010, but stopped payments after the first $500 million was forked over.
BSG Resources transferred rights on rich Simandou concession to Brazil's Vale in a $2.5 billion deal in 2010.
Work on half of the giant Simandou concession in Guinea has been halted amid a corruption probe, but the door to a settlement between the Western African nation, Brazil's Vale and Beny Steinmetz's mining arm may be in the offing.
Brazilian giant could end up with half of one of the world's greatest mining prizes.
Rio Tinto's $20 billion Simandou project in Guinea calls for a 670km railway across the West African nation that will displace thousands.
Simandou is expected to produce over 95 million tonnes of iron ore per year.
45% owner Chalco transfers investment in $20 billion Guinea project to state-owned parent.