Rio Tinto says Guinea goes back on iron ore concession

0 Comments | AFP, August, 2008

SYDNEY (AFP) — Anglo-Australian mining giant Rio Tinto said Sunday a concession which potentially could open a massive new iron ore field in west Africa appeared to have been rescinded.

In a statement issued on Friday, Rio Tinto said it received correspondence from Guinea President Lansana Conte "purporting to rescind the Simandou Mining Concession".

A company spokeswoman said the situation had not changed since then.

Located in the west African country of Guinea, Simandou is said by analysts to have potential to become one of the world's major iron ore resources.

Rio Tinto said it believed it had conformed with Guinean law and would be considering the situation.

"In conjunction with its partner in the project, International Finance...