UPDATE 1-Guinea mining committee has finished report on BSGR

CONAKRY, Feb 8 (Reuters) - Guinea's mining contract review committee has completed its report on BSG Resources' (BSGR) mining licenses and is expecting the company's response within two weeks before submitting its recommendations, the committee's president said.

Guinea is currently reviewing mining permits granted by previous administrations.

It is investigating whether BSGR, the mining arm of Israeli billionaire Beny Steinmetz's business conglomerate, bribed officials to obtain licenses, including rights to develop the northern part of Simandou, one of the world's largest untapped iron ore deposits.

BSGR, which has since entered a joint venture called VBG with Brazilian miner Vale , has strongly and repeatedly denied any wrongdoing. It said it would start international arbitration against Guinea should the government revoke the rights.

"The final report containing our recommendations to be submitted to the strategy committee is already complete," Nava Toure, the review committee's president, told Reuters.

"But we have the obligation to submit it to VBG so they can assess it and give their response," she said.

An inter-ministerial strategy committee will then decide the fate of the permits.

(Reporting by Saliou Samb; Writing by Joe Bavier; Editing by Ruth Pitchford)

((joe.bavier@thomsonreuters.com)(+225 07074101)(Reuters Messaging: joe.bavier.thomsonreuters.com@reuters.net))

Keywords: GUINEA MINING/BSGR