The Simandou mine in Guinea was one of the largest iron ore mining areas in the world with billions of tons of high-quality mineral resources.
As the Guinean government accused the large mining group BSG Resources (BSGR) of corruption, the two parties reached an agreement on February 25th. BSGR will withdraw from the mining of Simandou mine No.1 and No.2, although BSGR still held shares in the mining area. However, others still had the right to invest in the Zogota mine.
The legal exploitation of the mine has been controversial for many years and the cost of infrastructure construction was as high as US$20 billion.
Source from Yieh Corp |
