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DAKAR/LONDON The mining arm of Israeli billionaire Beny Steinmetz’s business empire has accused the government of Guinea of seeking to “illegally seize” its assets through a probe into how it won rights to mine part of a major iron ore deposit. Privately owned BSG Resources, which has been working in the West African country with Brazilian mining major Vale , confirmed it had received a letter from a government commission alleging improper behavior and graft in its winning of rights to develop blocks in the Simandou region. The Financial Times reported on Saturday that a government committee backed by philanthropist [...]

DAKAR Israeli mining firm BSGR said on Saturday the government of Guinea was seeking to “illegally seize” its assets through an investigation into how it won its rights to the West African state’s Simandou iron ore deposit. “This is the fifth and most clumsy attempt by an already discredited Government of Guinea in an ongoing campaign to illegally seize BSGR’s assets,” it said. The Financial Times reported on Friday a government committee had launched a corruption probe into the award process for the blocks under a previous regime in 2008. The blocks had previously been stripped from Anglo-Australian miner Rio Tinto . (Writing by Richard Valdmanis; editing by Patrick Graham)

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