Report: ArcelorMittal in talks to buy BHP iron ore asset in Guinea

|About: ArcelorMittal (MT)|By:, SA News Editor

ArcelorMittal (MT) is in deep discussions with BHP Billiton (BHP) to acquire the latter's stake in the Mount Nimba iron ore deposit in Guinea for as much as $500M, WSJ reports.

BHP has been trying for months to find a buyer for its 41.3% stake in the rich deposit located close the Liberian border, as it seeks to exit west Africa and focus its investments elsewhere in the world.

Other partners in the project include Newmont Mining (NEM) and Areva (ARVCF).