Vale says BSG ordered to pay it $1.25B

Simandou holds over two billion tonnes of iron ore reserves and some of the highest grades in the industry. (Image courtesy of Rio Tinto Simandou)

SAO PAULO – Vale SA said on Tuesday a London arbitration court had ordered BSG Resources Limited to pay the iron ore miner $1.246 billion related to a dispute between the companies over a joint venture in Guinea.

The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea’s government.

(Reporting by Marcelo Teixeira, Editing by Rosalba O’Brien)