Settlement ends a seven-year dispute over a lucrative iron-ore project
BOILER-PIPE: 25 February 2019 - 20:17 Israeli billionaire Beny Steinmetz. Picture: REUTERS Israeli mining tycoon Beny Steinmetz is making a dramatic return to Guinea after the billionaire ended a bitter dispute with the West African country that brought his business empire to its knees.
and its employees and advisers have been vindicated.” For Steinmetz, the heir to one of Israel’s premier diamond businesses, the arrangement is a remarkable return to favour in Guinea. , a firm owned by a Steinmetz family foundation. Under its terms, the company relinquishes rights to Simandou and Zogota and Davis will develop the smaller deposit.
and Steinmetz. Steinmetz, 62, was originally sent out by his family to secure supplies of rough diamonds, introducing him to difficult environments across the globe. He developed a diamond mine in Sierra Leone before setting his sights on Simandou in neighbouring Guinea. Ailing president Lansana Conte stripped Rio Tinto of its rights to half of the asset, which the Anglo-Australian miner had not developed in a decade of control.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Three UN peacekeepers killed by suspected bandits in Mali - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Three UN peacekeepers killed by suspected bandits in Mali The peacekeepers on leave and travelling to Guinea and were robbed by thugs who visibly panicked and shot them. sabcnews
Read more »
State mining company gets the edge on Optimum bid with R1bn funding dealConsortium led by AEMFC will restart and manage the coal mine and is in pole position to buy assets once they are back up for sale
Read more »
Trump won’t rush North Korea on denuclearisation but peace deal possibleTwo sides might agree to formal end of the 1950-1953 Korean War, whose hostilities still linger in the peninsula
Read more »