Steinmetz's BSGR Bankruptcy Fends Off Vale's $2 Billion Award
- Mining firm’s assets include pending legal claim against Soros
- Dispute with Vale follows their ouster from Guinea’s Simandou
Photographer: Paulo Fridman/Bloomberg
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Billionaire Beny Steinmetz’s mining company sought bankruptcy protection in the U.S., two months after losing a $2 billion arbitration award to Brazilian mining giant Vale SA.
The court filing by BSG Resources Ltd. on Monday could stymie Vale’s effort to enforce the award, which stems from an ill-fated joint venture with BSGR at the Simandou iron ore mine in Guinea. The government stripped their venture of its rights to Simandou following a probe that found licenses were obtained through corruption.