Steinmetz cites BlackRock stake to justify New York demand for Rio Tinto’s Simandou documents
Investment giant BlackRock’s shares in Rio Tinto is reason enough, claims Israeli businessman Beny Steinmetz, to file a discovery request in New York as part of efforts to ward off the Australian mining firm’s compensation claim over the vast iron ore mine in Guinea.
Steinmetz’s BSGR seeks to reopen $1.25 bln Guinea ruling
Billionaire Beny Steinmetz’s BSG Resources Ltd (BSGR) is seeking to reopen an arbitration case that ordered it to pay $1.25 billion to Brazilian minder Vale SA over an abandoned mining joint venture in Guinea.
The High Court in Sierra Leone has kicked out the case against Octea Ltd, a company owned by mining entrepreneur Beny Steinmetz Resources Group (BSG), which had been under-fire for allegedly harming health and livelihoods of community members living near Octea’s Koidu diamond mine in the West African country.
Steinmetz Co Slams Israel for Giving Ishai Rights to Cyprus
“It is embarrassing to see how the Israeli government is allowing Delek Group Ltd. (TASE: DLEKG) and Noble Energy to humiliate it, after having nurtured them and allowed them to take control of both the local and regional natural gas markets,” Ohad Schwartz, a director at Nammax Oil & Gas, controlled by Beny Steinmetz, wrote to Ministry of National Infrastructure.
China-backed Jv Wins Rights to Prized Simandou Iron Ore Project
A Chinese-backed joint venture has secured the rights to develop Simandou, one of the world’s biggest untapped deposits of steelmaking ingredient iron ore. The award to the SMB-Winning consortium, whose investors include Chinese aluminium producer Shandong Weiqiao and the Yantaï Port Group, brings the development of a mine a step closer.
China Close to Giving the Go-ahead to Develop Simandou Iron Ore Mine in Guinea
For years, it seemed the super-rich ore under a jungle-covered mountain range might never be dug up. Simandou was practically forgotten by the wider mining industry as owners including Rio Tinto Group, Israeli billionaire Beny Steinmetz and authorities in the West African nation fought over rights to develop it.
Israel Blocking Aphrodite Gas Field Development
Israel is opposed to the development of Cyprus’s Aphrodite offshore natural gas field until the dispute over the border with Israel’s Yishai gas field is settled, Ministry of Energy director general Udi Adiri has made clear in a letter sent to the reservoir’s rights owners Delek Drilling LP (TASE: DEDR.L), Noble Energy Inc. (NYSE: NBL) and Shell. Adiri wrote to Delek Drilling CEO Yossi Abu, Noble Energy SVP Keith Elliot and Shell…
Steinmetz and Guinea Settlement Opens New Doors
February’s announcement of a settlement between the Republic of Guinea and Nysco, brought to an end a saga that began more than a decade ago. Nysco is the 100% shareholder of BSG Resources (BSGR), the company formerly controlled by Israeli diamond magnate Beny Steinmetz, which has spent the last four-and-half years fighting the government’s decision to strip the company of its mining rights, alleging bribery.
Beny Steinmetz in Talks to Settle Israel Tax Dispute
Israeli businessman Beny Steinmetz has been negotiating with the Israel Tax Authority and the State Attorney’s office for taxation and economics for several months in an effort to have the state’s civil and criminal cases against him closed, sources inform “Globes.” In a civil case, the state is demanding NIS 4 billion from Steinmetz. In a criminal case, Steinmetz is suspected of bribing a foreign public servant in Guinea and…
Romanian Court Acquits Israeli Tycoon Charged With Land Fraud
The Brasov District Court in Romania has acquitted Beny Steinmetz, communications consultant Yuval Zilberstein, and two other Israelis on charges of land fraud in the country, Israel Hayom has learned over the weekend. Steinmetz made his fortune in diamond mining, engineering and real estate. According to financial daily Globes, the case developed following a move by the Romanian government to allow private landowners whose land was nationalized by the country’s Communist regime in the 1940s, to demand their rights to such lands be restored.
Mining Billionaire Ends Bitter Guinea Dispute After Months of Secret Negotiations
Israeli mining tycoon Beny Steinmetz is making a dramatic return to Guinea after the billionaire ended a bitter dispute with the West African country that brought his business empire to its knees. The settlement, brokered by former French President Nicolas Sarkozy, ends a seven-year-old dispute centered around one of the world’s richest mineral deposits that included a colorful list of characters from billionaire George Soros to former U.K. leader Tony Blair and mining heavyweights Rio Tinto Group and Vale SA.
Beny Steinmetz Ends Iron Ore Dispute With Guinea
Israeli tycoon Beny Steinmetz has ended his bitter dispute with the government of Guinea over the rights to one of the world’s largest untapped reserves of iron ore, the key ingredient needed to make steel. Under Monday’s agreement, Mr Steinmetz’s BSG Resources will relinquish its claims on blocks 1 and 2 of the giant Simandou project and both parties will “waive all outstanding procedures”. As part of the deal, Guinea has asked a group of investors, including Mr Steinmetz and former Xstrata boss Mick Davis, to develop Zogota, another iron ore deposit in the west African country.
Romanian Court Acquits Beny Steinmetz
Beny Steinmetz’s lawyer Adv. Yuval Sasson has told “Globes” that the Brasov District Court in Romania has acquitted Steinmetz, communications consultant Yuval Zilberstein, and two other Israelis on charges of land fraud in the country. The case developed following the nationalization of land in Romania under the Communist regime there. After the downfall of the regime, people who were private landowners…
China Consortium Wins Rights to Develop Guinea Iron Ore Deposit
The China-backed consortium that has secured rights to develop half of the huge Simandou iron ore deposit in Guinea expects to produce its first tonnes of the steelmaking ingredient in five years’ time. Fadi Wazni, the chairman of SMB-Winning, the consortium, said it was already “advancing” discussions with partners interested in backing its ambitious plan to build a 110m-tonne-a-year iron ore mine in the west African country at an estimated cost of $15bn.
Steinmetz hopes sting operation enough to reverse $2bn arbitration order
BENY Steinmetz, the billionaire businessman, was hopeful new evidence would show Vale knew the risk of developing the Simandou iron ore deposit in Guinea – a turn of events that would help him reverse a $2bn arbitration award granted to the Brazilian miner.