Vale: finding King Solomon's mines?

Brazil's Companhia Vale do Rio Doce (Vale), the dominant name in seaborne iron ore, has seemingly found Guinea's iron ore potential irresistible, following the announcement that it has agreed to pay USD 2.5bn for a 51% stake in BSG Resources Guinea, which apparently holds rights to blocks 1 and 2 in the Simandou iron ore system, discovered in 2004 by Rio Tinto, no 2 in global seaborne iron ore. Read more at