BSG Resources Buy OUt of $2.5 Billion by Vale
Vale and BSG Resources, two of the world’s top iron-ore miner has decided to finalize the contract. Giant Brazilian miner Vale (VALE.N)(VALE5.SA) has bought the 51 percent stake in BSG Resources. The buy out of the iron ore mining company in Guinea was priced at $2.5 billion.
Vale is quoted as saying:
“The process followed the standard procedure set out in Guinea’s mining code … In addition, the (acting) President has now signed and issued a Presidential decree ratifying the Convention de Base. This has been a thorough and detailed process and the Convention de Base is a legally binding document between the Republic of Guinea and BSGR (Guinea).”
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Wed, May 12, 2010
Post by Mike Rodger, Iron Reporter