Brazilian iron ore miner Vale SA transferred its stake in a joint venture in Guinea to BSG Resources on Friday, the company said in a statement.Vale said this did not mean it was renouncing its right to recover from BSG Resources (BSGR) the investments it lost in the venture in the Simandou deposit, one of the world's largest untapped iron ore resources.Vale is seeking to recoup from its partner at least part of the $1.1 billion it allegedly has lost after the Guinean government stripped the joint venture of mining rights in the country in April 2014.A Guinean government panel charged with reviewing the West African nation's mining deals said in a report it had found BSGR obtained the rights through "corruption" in 2008. Guinea said Vale had nothing to do with the alleged corruption.
Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE fell by 3.16% or $-0.19/share to $5.82. In the past year, the shares have traded as low as $5.63 and as high as $15.59. On average, 29318700 shares of VALE exchange hands on a given day and today's volume is recorded at 38230321.
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