333:
226:, which allows U.S. officials to pursue bribery cases abroad. Cilin's detention followed covert FBI recordings of a series of meetings that allegedly showed he had plotted the destruction of documents which it is claimed could have shown the Simandou exploitation rights were acquired following the payment of millions of dollars in bribes to Guinea government officials.
240:
launched an investigation into the legality of BSGR's license. In April 2014 the
Guinean government cancelled BSGR's mining rights in Simandou, and in May 2014 BSGR sought arbitration over the government's decision to expropriate the company's mining rights. During the same month Rio Tinto filed suit
244:
In 2014, Vale filed a claim against BSGR at the London Court of
International Arbitration to recover an upfront payment to BSGR and money it invested in Guinea. The court decided in favor of Vale and awarded it $ 2 billion. In May 2020, BSGR filed discovery request documents at the court in New York
249:
private intelligence company. BSGR claims that the documents prove that Vale was aware of potential problems with how the rights to develop
Simandou had been obtained, but chose to ignore them and proceeded to buy 51% of the iron-ore licenses. This could undermine Vale’s claims to compensation.
268:
In 2016, former
Guinean mining minister Mahmoud Thiam accused the head of Rio Tinto's Guinea operation department, Steven Din, of offering him a bribe in 2010 with the aim of regaining Rio Tinto's control over half of the undeveloped Simandou project.
298:(SFO), Britain's anti-fraud regulator, launched an official investigation into Rio Tinto's business and mining practices in Guinea. Investigations into the Group's activity in Simandou were also launched by Australian authorities and the
221:
investigation that began in
January 2013. The investigation aimed to establish whether potential illegal payments made to obtain mining concessions in Guinea had been transferred to the United States in breach of the
241:
against Vale and BSGR over the validity of their mining license. BSGR denied any wrongdoing and the lawsuit was dismissed in 2015 in the US. In
November 2016, BSGR filed suit against Rio Tinto for compensation.
411:
855:
283:, a close adviser of President Alpha Condé, in 2011 to obtain rights on Simandou. During the same month the company agreed to sell their remaining 46.6% stake in the mine to
486:
462:"Joint venture for Simandou Guinea,Iron ore,Simandou project,Steel,Steel, BHP Billiton,Chinalco,Rio Tinto,World Bank, Agreement,Joint ventures,Port developments,Rail"
689:
1056:
152:
iron deposits are located approximately 4 km from one another at the southern end of the
Simandou Range, approximately 550 km ESE of the capital,
978:
191:, the licensee of the Simandou concession, was ordered by the Guinean government to relinquish the northern half (Blocks 1 and 2, east and southeast of
792:
899:
713:
261:
case. The agreement made BSGR surrender its rights to
Simandou but allowed it to maintain an interest in the smaller Zogota deposit while giving
461:
841:
295:
284:
207:
1004:
881:
52:
299:
1152:
1106:
504:
817:
218:
287:(Chinalco) for $ 1.3 billion. President Condé denied knowing about the bribe. However, according to recordings presented by
229:
Cilins pleaded guilty in March 2014 and was sentenced to 2 years in jail. No charges were brought against
Steinmetz or BSGR.
1183:
223:
236:(NYSE:VALE) for $ 2.5 billion. However, after Vale had paid in $ 500 million, the government of Guinea led by President
122:
665:
767:
1131:
433:
530:
346:
390:
134:
30:
176:
1082:
321:
Despite assurances, the mine is still not operational. The mine is expected to produce up to 95 MTpa of ore.
412:"Rio Tinto - Iron ore resources, Simandou, Republic of Guinea, Rio Tinto News Announcement RNS Number 4634V"
157:
953:
273:
233:
214:
318:, for export. Much of the Simandou iron ore is expected to be shipped to China for steel production.
179:. The potential yield of the two deposits is estimated at 2.25 billion tonnes of high-grade iron ore.
141:
reserves in the world, having estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal.
465:
278:
926:
740:
589:
560:
1030:
187:
The
Simandou mine has known much turmoil and many mining rights disputes over the years. In 2008
616:
1012:
641:
311:
149:
314:
plans to build a 650 km railway to transport iron ore from the mine to the coast, near
245:
based on transcripts of conversations with former Vale executives that were obtained by the
213:
On April 14, 2013, Frederic Cilins, an agent for Beny Steinmetz's company, was arrested in
1042:
932:
746:
595:
566:
188:
156:. Both deposits are approximately 7.5 km in length and up to 1 km wide. At both
1156:
237:
200:
196:
192:
1177:
338:
210:(Chinalco), signed a preliminary agreement to develop Rio Tinto's iron ore project.
856:"Israeli Billionaire Steinmetz's BSGR Settles Guinea Row, Looks to Zogota Iron Ore"
842:"Mining Billionaire Ends Bitter Guinea Dispute After Months of Secret Negotiations"
535:
366:
258:
979:"Audio recordings drag Guinea president into mine bribery scandal - France 24"
328:
262:
246:
161:
145:
1016:
531:"FBI arrest agent over bribery cover up claim in battle over $ 10bn mountain"
67:
54:
288:
169:
165:
315:
173:
138:
126:
118:
92:
195:) to BSGR (Beny Steinmetz Group Resources), a company controlled by the
927:"Rio Tinto adviser's links to Guinea president raise bribery questions"
508:
153:
291:, Guinean authorities knew about the Simandou briberies by Rio Tinto.
954:"Rio Tinto set to quit Guinea iron ore project with sale to Chinalco"
666:"Guinea: BSGR seeks arbitration in Simandou dispute | African Energy"
254:
130:
40:
367:"SEC.gov | SEC Charges Rio Tinto plc with Bribery Controls Failures"
882:"Beny Steinmetz settles dispute with Guinea over iron ore project"
818:"Mining billionaire gets help from ex-spies in bitter legal fight"
793:"Mining Billionaire Gets Help From Ex-Spies in Bitter Legal Fight"
310:
Mining operations were expected to start before the end of 2015.
768:""Evidence" against Vale in Simandou case may hinder $ 2bn award"
505:"U.S. arrests man linked to Israeli tycoon in Africa graft probe"
272:
In November 2016, Rio Tinto admitted to paying $ 10.5 million to
1005:"SFO says it is investigating Rio Tinto over Guinea operations"
1107:"UK Serious Fraud Office joins Rio Tinto 'corruption' inquiry"
741:"BSGR demands compensation from Rio Tinto over African battle"
714:"Steinmetz, BSG Resources Win Dismissal of Rio Tinto Lawsuit"
561:"French businessman jailed for 2 years in Guinea mining case"
487:"Rio Tinto, Chinalco, agree to develop Guinea iron ore field"
257:
to withdraw the mutual corruption allegations as well as the
900:"Rio Tinto Offered Bribe for Mine, Ex-Guinea Minister Says"
1083:"UK Serious Fraud Office probes Rio Tinto Guinea project"
1057:"UK's SFO says opens investigation into Rio Tinto Group"
393:[Facts and Numbers]. riotintosimandou.com. 2013
265:, the head of Niron Metals, permission to develop it.
206:
In March 2010 Rio Tinto and its biggest shareholder,
690:"Rio sues Vale and Steinmetz's BSG over Guinea mine"
434:"Rio says reaches accord with Guinea over Simandou"
103:
98:
88:
83:
46:
36:
24:
925:
739:
588:
559:
253:In February 2019, BSGR came to an agreement with
456:
454:
121:mine which is tied to one of the biggest mining
617:"Vale may settle Simandou lawsuit | MINING.com"
232:Back in 2010, BSGR sold 51% of their stake to
125:in modern history. The mine is located in the
8:
19:
18:
1132:"GUINEA: SIMANDOU PROJECT GAINS MOMENTUM"
137:. Simandou represents one of the largest
358:
1038:
1028:
924:Hume, Neil; Burgis, Tom (2016-11-19).
590:"US deports man linked to BSGR probe"
285:Aluminum Corporation of China Limited
208:Aluminum Corporation of China Limited
7:
14:
331:
1:
1003:Staff; Reuters (2017-07-25).
880:Goodley, Simon (2019-02-25).
224:Foreign Corrupt Practices Act
168:) have been enriched to form
129:mountain range of southern
1200:
738:Burgis, Tom (2016-12-10).
587:Burgis, Tom (2015-02-10).
558:Burgis, Tom (2014-07-25).
183:Corruption and controversy
347:Mining industry of Guinea
29:
300:US Department of Justice
1153:"Simandou - Rio Tinto"
158:banded iron formations
215:Jacksonville, Florida
1184:Iron mines in Guinea
296:Serious Fraud Office
217:, as a result of an
391:"Faits et chiffres"
274:François de Combret
64: /
21:
1041:has generic name (
160:(metamorphosed to
1134:. Railways Africa
670:africa-energy.com
312:Rio Tinto Limited
199:diamond investor
111:
110:
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539:. April 16, 2013
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511:. April 15, 2013
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493:. 19 March 2010.
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135:Nzérékoré Region
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31:Nzérékoré Region
22:
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189:Rio Tinto Group
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177:mineralisations
72:
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68:8.517°N 8.900°W
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1063:. 24 July 2017
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201:Beny Steinmetz
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16:Mine in Guinea
15:
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2:
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1159:on 2013-12-10
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468:on 2016-03-04
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414:. 29 May 2008
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339:Guinea portal
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115:Simandou mine
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73:8.517; -8.900
49:
45:
42:
39:
35:
32:
28:
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20:Simandou Mine
1161:. Retrieved
1157:the original
1147:
1136:. Retrieved
1126:
1115:. Retrieved
1113:. 2017-07-25
1110:
1101:
1090:. Retrieved
1086:
1076:
1065:. Retrieved
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1039:|last2=
1020:. Retrieved
1009:The Guardian
1008:
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987:. Retrieved
985:. 2016-12-01
982:
973:
962:. Retrieved
960:. 2016-10-28
957:
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937:. Retrieved
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908:. Retrieved
906:. 2016-11-18
903:
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886:The Guardian
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864:. Retrieved
862:. 2019-02-25
859:
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801:. Retrieved
799:. 2020-05-22
796:
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776:. Retrieved
774:. 2020-05-25
771:
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722:. Retrieved
720:. 2015-11-20
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673:. Retrieved
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625:. Retrieved
623:. 2014-12-05
620:
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571:. Retrieved
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541:. Retrieved
536:The Guardian
534:
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513:. Retrieved
499:
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470:. Retrieved
466:the original
442:. Retrieved
440:. 2017-04-22
437:
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418:December 12,
416:. Retrieved
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1087:The Citizen
371:www.sec.gov
277: [
259:arbitration
238:Alpha Condé
123:corruptions
117:is a large
71: /
47:Coordinates
1163:2015-06-25
1138:2010-11-09
1117:2018-01-03
1092:2018-01-03
1067:2018-01-03
1022:2018-01-03
989:2017-03-14
964:2017-03-14
939:2017-03-14
910:2017-03-14
866:2019-09-09
827:2020-11-30
822:MINING.COM
803:2020-11-30
778:2020-11-30
772:MINING.COM
753:2017-03-14
724:2017-03-14
699:2017-03-14
675:2017-03-14
651:2017-03-14
627:2017-03-14
621:MINING.com
602:2017-03-14
573:2017-03-14
472:2015-06-25
444:2017-03-14
397:2013-06-14
376:2024-01-16
353:References
306:Production
263:Mick Davis
247:Black Cube
166:itabirites
162:staurolite
146:Pic de Fon
84:Production
1031:cite news
1017:0261-3077
983:France 24
543:April 17,
515:April 17,
289:FRANCE 24
170:haematite
1178:Category
1111:ABC News
325:See also
316:Matakong
193:Kérouané
174:goethite
139:iron ore
127:Simandou
119:iron ore
93:Iron ore
89:Products
25:Location
1061:Reuters
958:Reuters
860:Haaretz
509:Reuters
438:Reuters
197:Israeli
164:-grade
154:Conakry
150:Ouéléba
99:History
59:08°54′W
56:08°31′N
37:Country
1015:
255:Guinea
131:Guinea
104:Opened
41:Guinea
1081:AFP.
281:]
1043:help
1013:ISSN
545:2013
517:2013
420:2010
234:Vale
148:and
144:The
113:The
107:2013
491:AFP
219:FBI
133:'s
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