Mining News

Vale accuses Steinmetz of ‘elaborate’ fraud in $2.5bn deal

More than a decade after Vale  agreed to pay Beny Steinmetz $2.5-billion for a chunk of the world’s biggest iron-ore deposit, the pair are about to lock horns in a London court with the Brazilian mining giant accusing the Israeli billionaire of an “elaborate” fraud.

Steinmetz and five other associates linked to his company BSGR agreed contracts handing Vale mining rights to the Guinea’s Simandou mine that they knew were secured by bribes, argue lawyers for Vale. Those bribes included payments of $9.4-million to the wife of the former president of Guinea, they say.

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