UBS hits Vale with sell rating as iron ore prices fall
Analysts led by Andreas Bokkenheuser cut the company’s American depositary receipts to sell from buy, a two step drop.
Vale says BSG ordered to pay it $1.25B
Simandou holds over two billion tonnes of iron ore reserves and some of the highest grades in the industry. (Image courtesy of Rio Tinto Simandou)
SAO PAULO – Vale SA said on Tuesday a London arbitration court had ordered BSG Resources Limited to pay the iron ore miner $1.246 billion related to a dispute between the companies over a joint venture in Guinea.
The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea’s government.
