Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Kerry holds all-night talks with Afghan presidential rivals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    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

Comments

COMMENT(S)