Open

Coming up

Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

IN THE PAPERS

Cécile Duflot ruffles some feathers

Read more

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment (part 2)

Read more

  • US demands Russia withdraw aid convoy from Ukraine

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Fed chair calls for 'pragmatic' US approach to inflation

    Read more

  • Gunmen kill scores in Iraqi Sunni mosque attack

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Business

Rio Tinto asks junta to honour iron ore deal

Latest update : 2009-07-14

The Anglo-Australian mining group Rio Tinto has called on the new military leadership of Guinea to honour an existing $6 billion iron ore deal. The junta has vowed to freeze the mining sector and renegotiate contracts after it seized power last week.

AFP - Mining giant Rio Tinto has called on the new military leadership of Guinea to allow a six billion US dollar iron ore mine to go ahead, and said Monday it was seeking a "good faith" meeting with the junta.

Rio Tinto said it has invested 450 US million dollars to date in developing a long-life iron ore mine at Simandou in Guinea's south.

New military leader Captain Moussa Dadis Camara has vowed to block the mining sector and renegotiate contracts after seizing power last week following the death of president Lansana Conte.

Rio spokesman Jordan Feilders stood by the project, for which the Anglo-Australian miner was granted a mining concession by the government in 2006, and called on Camara to honour the agreements.

"Rio Tinto negotiated its agreements in full transparency, believes that these contracts present a win-win situation for Guinea, and thus maintain that our agreements should be upheld," Feilders told AFP in an email.

"We will initiate good faith contact with the new authorities in order to answer any questions."

The project office in Guinea's capital Conakry was to reopen Monday after a week-long shutdown.

The project, in which the World Bank has a five percent stake, is in the final feasibility stages.

Mine construction is expected to begin in 2010, and mining forecast to start in 2013. Capital investment in the mine and related infrastructure is estimated to top six billion dollars, Rio Tinto said.

More than a third of the world's bauxite reserves are located in Guinea, making it the second-largest producer internationally after Australia and the world's biggest exporter.

It also has large reserves of gold, diamonds, iron and nickel, while uranium deposits were found at various sites in 2007.

Date created : 2008-12-29

COMMENT(S)