Page 58 - Simandou News Today

Steinmetz says probe against Vale “alive, well and kicking” Israeli billionaire Beny Steinmetz has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea. ( Billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with Vale (NYSE: VALE) over lost rights to the Simandou iron ore project in Guinea, said the Brazilian miner is trying to confuse the public. The miner said on Monday that the Federa...

Steinmetz Loses Latest Battle over $2bn Court Award April 06, 21 by John Jeffay (IDEX Online) - The authorities in Brazil have shelved claims by diamond billionaire Beny Steinmetz that global mining giant Vale misled its shareholders. Both parties embarked on a joint venture to extract iron ore for steelmaking from the vast Simandou resource, in southern Guinea. But the government concluded that mining rights had been obtained through bribery, a nd in 2019 a British court awarded Vale a sum t...

Vale says Steinmetz-triggered probe in Brazil over Simandou closed Beny Steinmetz. ( Vale (NYSE: VALE) said on Monday that billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with the Brazilian miner over lost rights to an iron ore project in Guinea, has lost his latest battle against the Brazilian miner. The Rio de Janeiro-based firm said on Monday that Brazil’s federal prosecutors had closed an investigation into CEO Eduardo Bartolomeo, an...

By Reuters Staff 1 Min Read FILE PHOTO: The logo of the Brazilian mining company Vale SA is seen in Brumadinho, Brazil January 29, 2019. REUTERS/Adriano Machado/File Photo SAO PAULO (Reuters) - Brazilian prosecutors have closed an investigation into Vale SA executives related to the Simandou mine, in Guinea, the iron ore miner said in a securities filing on Monday. Prosecutors had opened an investigation based on documents supplied by Israeli businessman Benjamin Steinmetz, Vale said, citing t...

news Stake in huge iron ore mine in Guinea may cut China’s dependence on Australia Iron ore from Australia is unloaded at the port in Tianjin, China. Photo: Reuters The Simandou mountains, a 110km (68-mile) range deep in the interior of southeastern Guinea, is home to the worlds biggest untapped supply of high-grade iron ore, and China believes it could help cut its reliance on Australian imports amid trade tensions. The huge project, which holds an estimated 2.4 billion tonnes of iron ore g...

Australia extends iron ore price outlook above $100 per tonne to late 2021 Australia expects the iron ore price to stay above $100 per tonne until late 2021 - instead of mid-2021 as it said in a previous report - and decrease to $72 per tonne by the end of 2026. This iron ore price outlook for the rest of 2021 is supported on strong demand from China and concerns about disrupted supply in Brazil, Australia’s Department of Industry, Science, Energy & Resources said in ...

Maritime Activity Reports, Inc. © Zdenar Adamsen / Adobe Stock In the first two months of 2021, Brazilian iron ore exports have risen by 9.1% to 53 million tonnes, driven by China. So far this year, 35.2 million tonnes of iron ore has been exported to China, representing a 15.2% increase from the same period last year and standing in contrast to slightly declining exports to all other countries: down 1.2% to 17.8 million tonnes, continuing the trend from 2020. Despite the strong growth rates i...

Sign Up The court allowed Steinmetz lawyers to access documents used by Vale to decide the VGB joint venture, the result of a partnership between the Brazilian mining company and Steinmetz’s Israeli company, BSGR. BSGR acquired the Simandou mine for $165 million and sold half of it eighteen months later to Vale, for $2.5 billion. In January, the billionaire businessman was found guilty of bribing a public official to secure the giant Simandou iron-ore mine in Guinea. He was sentenced to fi...

Guineas state-owned Soguipami mining firm has told the purchaser of Blocks 1 and 2 at Simandou iron ore project to halt the exploitation of granite used to build the sites infrastructure. It claims

High Power Exploration (HPX)  said on Monday it had raised $200 million for its proposed Nimba iron ore mine in southeastern Guinea, home to some of the world’s highest-grade deposits, including the giant Simandou. The funds received will enable the Canadian company to fast-track development of the project, which is expected to produce an initial 15 million tonnes of iron ore a year, with exports starting by 2025-2026. The proposed open-pit is located in the Guinean Nimba Mountains, classifi...