Guinea Says BHP To Quit Mount Nimba Iron Project

BHP Billiton, the world’s largest mining company, has informed Guinea of its plans to pull out of its Mount Nimba iron ore project there, a mines ministry official said on Monday, confirming a weekend report by Britain’s Sunday Times.

“We’ve known about the decision to pull out for some time,” Saadou Nimaga, legal counsel for the mines ministry, told Reuters.

No immediate comment was available from BHP. Reflecting a trend among major miners, BHP has said it would consider selling off non-core operations to focus on simple, large-scale ones in light of flattening demand for some commodities.

The Sunday Times reported that investment bank Nomura had been hired to find a buyer. No value on a potential deal was given.

Reuters