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Rio Tinto sues Vale, Beny Steinmetz claiming conspiracy over Guinea mine

  • Rio Tinto (RIO) is suing Vale (VALE) and Israeli billionaire mining investor Beny Steinmetz, alleging they conspired to steal mining rights to the highly prized Simandou iron ore concession in Guinea by bribing officials.
  • Rio lost half its interest in the property - valued in the billions of dollars - in 2008, when the Guinean government said it planned to give the stake to Steinmetz's BSG Resources, which paid a $200M bribe to the country's former mining minister, Rio claims; BSGR partnered with Vale to bring in iron mining experience and resources to develop the mine.
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