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May 4, 2014 9:04 am

Guinean President Defends Decision to Void Major Mining Permit Owned by Israeli Magnate’s Firm

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Benny Steinmatz. Photo: Israel Sun via Forbes.

Global Post – Guinean President Alpha Conde has defended a decision to void hundreds of mining permits, including to the world’s biggest untapped iron-ore deposit, which was nixed after a corruption probe of an Israeli magnate’s firm.

“We decided to review all permits. We maintain those which are regular. Those which don’t meet requirements get a deadline to fall into line and those which are way off get withdrawn,” Conde said this week in Geneva, a global commodities trading hub.

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  • shloime

    this sounds like a major mistake on the part of benny steinmatz’s group, paying off the wrong government officials. but it’s an easy mistake to make – conde, conte, aren’t all that different really. and probably easily corrected with the proper application of “bureaucratic lubricant”, which seems necessary to smooth all official transactions in africa.

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