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 . . .