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Vale says it may quit industry group over Rio Tinto dispute

  • 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.
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