Mining tycoon Beny Steinmetz arrested in Greece

The proprietor of BSG Assets was sentenced early this yr in Geneva to 5 years in jail for paying the spouse of Guinea’s deceased former president, Lansana Conte, $8.5 million to safe the concession rights to the huge Simandou iron ore mission.

A loophole in Swiss legislation allowed him to return to Israel inside hours of the sentencing. His attorneys are interesting the ruling.

Steinmetz acquired the rights to the Simandou iron-ore mission in Guinea in 2008. With over two billion tonnes of reserves and a number of the highest grades within the trade (66% – 68% Fe which attracts premium pricing), Simandou is among the most simply exploitable iron ore fields exterior of Australia’s Pilbara area and Brazil.

At full manufacturing, the concession would export as much as 100 million tonnes per yr. Simandou would by itself be the world’s fifth-largest producer behind Fortescue Metals and BHP.

After spending two days in Athens airport’s detention cells, Steinmetz was launched. He stays in Greece.

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Written by colin


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