Brazil prosecutors to investigate Vale over allegations by Israeli billionaire Beny Steinmetz

In an October filing, Steinmetz alleged Vale executives had been fraudulently concealing information from their shareholders.

RIO DE JANEIRO, BRAZIL - Rio de Janeiro police have begun investigating allegations brought by Israeli billionaire Beny Steinmetz that Brazilian miner Vale illegally concealed from its shareholders the conditions under which Steinmetz’s company BSGR was supposed to mine one of the world’s biggest iron ore deposits, state prosecutors said on Friday, March 27.

Vale and BSG Resources Ltd (BSGR), which entered a joint venture agreement in 2010 to develop the vast Simandou field in Guinea, are locked in a long-running legal dispute over the iron ore project.

The concession was later revoked by the Guinean government after . . .

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