Credit: PixabayCleary Secures $2BN Win Over Mishcon In Mining Feud
The case comes after corrupt activities were found in a mining joint venture in Guinea.
April 30, 2019 at 04:53 AM
1 minute read
Cleary Gottlieb Steen & Hamilton has won a $2 billion commercial arbitration victory for mining giant Vale S.A, after a decade-long dispute with fellow mining company BSG Resources Ltd (BSGR).
Vale had claimed $1.25 billion in damages from its failed iron ore joint venture project with BSGR in the Simandou region of the Republic of Guinea, launched in 2010.
The Guinea Government revoked the joint venture after a U.S. Federal Bureau of Investigation found that BSGR had obtained its mining rights through bribery and corruption. Vale was found to have no involvement in the corrupt activity.
BSGR has since gone into administration, appointing BDO (now BDO Moore Stephens) as administrators. A source close to the matter said Mishcon advised BDO throughout the arbitration.
Cleary's City-based arbitration team was led by commercial litigation and arbitration partner Jonathan Kelly, along with litigation, dispute resolution and new investigations partner James Brady.
A source close to the matter said Macfarlanes is advising BDO on the administration process.
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