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The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea’s government.
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