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Conde Halts Vale Project to Build Railway

April 19, 2011
Guinea Stops Vale’s Railroad Project, Says Conde
By Ougna Camara – Apr 17, 2011

Guinea’s President Alpha Conde halted the rebuilding of a railway from the capital, Conakry, to the city of Kankan. Vale SA (VALE3), the world’s second-largest mining company by market value, had planned to invest $1 billion in the project.

“I do not agree with Zagope, the company to which the project is entrusted,” Conde told reporters in Conakry yesterday. Guinea would ask the World Bank to help conduct a feasibility study and would hold a tender to select a builder for the work, he said, without giving additional details. Vale, based in Brazil, announced the 662-kilometer (411-mile) rail project on Feb. 22.

To contact the reporter on this story: Ougna Camara in Conakry via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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