An arbitral tribunal in London has ordered BSG Resources (BSGR) to pay Brazilian miner Vale $1.25-billion plus costs and interest in a case relating to the Simandou iron-ore concessions in Guinea. The award is for fraud and breaches of warranty by BSGR – the mining arm of billionaire Beny Steinmetz’s business – in inducing Vale to enter into a joint venture to develop the concessions, Vale said in a statement on Tuesday.
