Mining Magnate Mick Davis Is Back – by Thomas Biesheuvel (Bloomberg News – February 25, 2019)

https://www.bloomberg.com/

Almost every major player in mining has tried to build an iron ore mine in Guinea. Now it’s the turn of Mick Davis.

Davis, nicknamed Mick the Miner, had been one of mining’s most successful operators and deal makers, but in recent years has struggled to reestablish himself in the industry.

Now, a remarkable make-up deal between billionaire mining tycoon Beny Steinmetz and the Guinean government has given him the chance to develop one of Africa’s richest iron ore deposits. Should Guinea and Steinmetz settle their disputes, Davis, through his new Niron Metals vehicle, will be able to develop the Zogota iron ore mine.

The project, where mining giant Vale SA has already spent hundreds of millions of dollars, could be developed quickly and relatively cheaply using existing rail infrastructure that runs from the nearby Liberia border to a deep water port.

“Niron believes that the Zogota deposit can be brought into production on an accelerated timetable, thereby helping to unlock the potential of Guinea’s rich resources,” Niron said.

For the rest of this article: https://www.bloomberg.com/news/articles/2019-02-25/mick-davis-is-back-as-mining-grandee-targets-guinea-iron-deposit

No comments yet.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.