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Vale bails out of Simandou

Brazilian iron ore miner Vale has transferred its stake in a joint venture in Guinea to BSG Resources, the mining firm controlled by Israeli billionaire, Beny Steinmetz. Vale said this did not mean it was renouncing its right to recover from BSG Resources (BSGR) the investments it lost in the venture in the Simandou deposit, one of the world's largest untapped iron ore resources.

Reuters said Vale was seeking to recoup from its partner at least part of the US$1.