Vale says it may quit industry group over Rio Tinto dispute

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale (VALE) threatens to quit a leading industry forum due to rival Rio Tinto's (RIO) lawsuit against it over the Simandou iron ore concession in Guinea, one of the world's largest undeveloped mining assets.

The suit alleges that Vale and Israeli billionaire Beny Steinmetz colluded to rob Rio of half of the Simandou iron ore concession; both Vale and Steinmetz's mining arm BSG Resources have rejected the lawsuit's claims.

The International Council on Mining and Metals is made up of 22 of the world's leading mining companies, including Vale, Rio, BHP Billiton and Glencore.