Brazilian Mining Co. Gets $1.2B Award OK'd In NY

Law360 (March 5, 2020, 8:29 PM EST) -- Brazilian mining company Vale SA saw its $1.2 billion arbitral award against the now-defunct mining company owned by Israeli billionaire Beny Steinmetz enforced in New York on Thursday, after the parties hammered out a deal over the potential proceeds of a related $10 billion lawsuit.

U.S. District Judge Vernon S. Broderick issued the judgment enforcing the award, now worth more than $2 billion with interest, which had been issued to Vale following a dispute over a Guinean mining joint venture that was nixed by the country amid accusations that BSG Resources Ltd. had engaged in bribery and corruption.

After BSG's various...

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