The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Simandou Mining News
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.
He joins a growing list of chairmen who are leaving some of the world's' top mining companies, including BHP Billiton and Anglo American.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
The amicable divorce ends a six-year-old exploration joint venture originally set to find copper deposits in China.
The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.
The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.
BSGR will sue Rio Tinto in the English High Court to recover losses allegedly caused by Rio's actions, which run to several billions of dollars.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.
Energy and Minerals chief executive Alan Davies said he would take the mining giant to court over his dismissal, adding there were “no grounds” for his termination.
Company is said to have found out about the emails referring to a questionable $10.5m payment to a consultant over the Guinea project more than a year ago, not 'just' in August, as it claimed.
Speculation is running and some of what is being said strikes at the heart of the culture and values of the company, chief executive officer Jean-Sébastien Jacques said in an internal memo.
Alan Davies suspended after miner found payments made to consultant in 2011, when he was in charge of the iron ore project.
"It would of obvious strategic benefit for China to control a major iron ore deposit and add new supply to discipline the market."
Rio Tinto announces deal to exit Guinea and giant Simandou iron ore project.
The price increase comes as iron ore major Rio Tinto decided to put its Simandou project in Guinea on ice due to the iron ore glut that is keeping a lid on prices.
The massive Simandou project, in Guinea, is considered the world's biggest untapped iron ore deposit.
Rio Tinto alleges Vale enlisted Ernst & Young "to cover up and sanitize its conspiracy with BSGR" to strip half of the Simandou iron ore deposit from Rio.
New York court must decide by September whether or not it accepts Vale and BSGR request to dismiss the lawsuit that claims they conspired to steal Rio's rights over the asset.
Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.
The UK High Court ruling is the latest setback BSG Resources, which is fighting on multiple legal fronts over the alleged corruption case.
This wouldn’t be the first time Hockey hinders a major corporate deal in Australia.
Iron ore fell to a new 7-year low on Tuesday, but Guinea is pressing ahead with the auction of north Simandou, the richest undeveloped deposit in the world.
Outcome will say a lot about the long-term prospects for the industry.
Steinmetz and three BSGR directors argued that Global Witness had obtained personal information about them without authorization and wanted it to be forced to reveal what specific data it held.