Billionaire Beny Steinmetz’s mining company sought bankruptcy protection in the US, two months after losing a $2-billion arbitration award to Brazilian mining giant Vale SA. The court filing by BSG Resources on Monday could stymie Vale’s effort to enforce the award, which stems from an ill-fated joint venture with BSGR at the Simandou iron-ore mine in Guinea. The government stripped their venture of its rights to Simandou following a probe that found licenses were obtained through corruption.
