Vale S.A.’s former partner in Guinea joint venture calls for new arbitration in London

A London arbitration court in 2019 ordered BSGR to pay US$2 billion to Vale as compensation for the failed joint venture on the other side of the Atlantic. A new arbitration, which will deliberate the same issue, is about to begin in England.

RIO DE JANEIRO, BRAZIL - Less than two years after winning a billion-dollar arbitration award against entrepreneur Benjamin Steinmetz's company, Brazil mining giant Vale S.A. is about to engage in a new dispute in the London arbitration court, initiated by the Israeli's attorneys.

Vale and BSGR forged a US$5 billion partnership in 2010, which turned into an international imbroglio in their bid to exploit iron ore deposits in Simandou, Guinea.

Vale invested US$2.5 billion in the deal, which ultimately failed: the Guinean government revoked Steinmetz's mining rights in 2008, during the rule of . . .

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