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

• ArcelorMittal (NYSE:MT) is in deep discussions with BHP Billiton (NYSE: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 (NYSE:NEM) and Areva (OTCPK:ARVCF).