Conde Halts Vale Project to Build Railway
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.
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