CONAKRY, Guinea – A state-sponsored watchdog is recommending that Guinea revoke mining rights to massive iron ore deposits that were granted to a venture owned by billionaire Beny Steinmetz's company and the Brazilian mining firm Vale.
A committee tasked with reviewing mining concessions in Guinea said Wednesday that it found evidence of corruption in the process that granted the joint venture, known as VBG, the right to exploit the Simandou and Zogota deposits under a previous government. The Guinean government must now decide whether to take away the rights, worth billions of dollars.
The report focuses mainly on the actions of Steinmetz's BSG Resources and notes that VBG says the events in question happened before Vale took a stake in the mining venture. BSG Resources called the allegation false, vowing to fight it.
Antisemitism Exposed
Fox News' Antisemitism Exposed" newsletter brings you stories on the rising anti-Jewish prejudice across the U.S. and the world."
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
