Guinea Stops Vale’s Railroad Reconstruction Project, President Conde Says
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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.
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“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.