Anglo-Australian miner Rio Tinto has been granted a three-month extension before it must formally give up its rights to part of Guinea’s giant Simandou iron ore concession.
Rio, which invested $680 million in what it said is the world’s largest undeveloped iron ore deposit, has been in dispute with Guinea over blocks 1 and 2, which the government gave to BSG Resources. The West African state’s top mining official said in October that Rio had until February to give up its formal rights, or would risk losing remaining stakes.