President Says Guinea’s Helping Vale on Simandou Deal

Bloomberg reported that Guinea is looking for ways to enable Vale SA to resume work at the Simandou project, as confirmed by President Alpha Conde.

As quoted in the market news:

Vale, which bought a 51 percent stake in a section of Simandou in 2010, put the scope and schedule for its $1.26 billion Zogota iron-ore project in Simandou South under review in October. The 2 million-metric-ton project was expected to start producing in the second half of last year. The company, which is suspending operations at unprofitable mines as it cuts costs, wants greater clarity from the government on regulations and infrastructure cost uncertainties before restarting work, Chief Executive Officer Murilo Ferreira said Dec. 6.

Click here to read the full Bloomberg report.