UPDATE 1-Anglo American rules out bid for Simandou iron ore deposit -executive

jueves 26 de junio de 2014 05:55 GYT

* Wants to expand iron ore portfolio in west, central Africa

* No large-scale investments any time soon

* Looks to roll out trading in iron ore derivatives (Adds quotes, details)

By Maytaal Angel

STOCKHOLM, June 26 (Reuters) - Global miner Anglo American has ruled out a bid for Guinea's Simandou, one of the world's most valuable iron ore deposits, but is still looking to expand its portfolio in the region.

"Don't expect us to be bidding for a project such as Simandou," Anglo American's head of marketing and iron ore sales, Timo Smit, told Reuters on the sidelines of the Metal Bulletin 20th Iron Ore Symposium in Sweden.

"Our focus is more on having options to expand in west and central Africa. We won't be making any large-scale investments any time soon."

Exploiting Simandou could help one of Africa's poorest countries prosper but mine development has been bogged down by disputes over the concessions.

Earlier this year, Guinea revoked the mining rights over the northern half of Simandou held by VBG - a joint venture between BSG Resources and Vale SA - as a government report had found that BSGR won those rights through "corruption".   Continuación...