The award arises out of fraud and breaches of representations and warranties committed by BSGR, a company under the beneficial ownership of Israeli billionaire Beny Steinmetz, to induce Vale to purchase from BSGR a 51% interest in concessions held by BSGR to develop what is reported to be the world's largest unexploited iron ore deposit in Simandou in the Republic of Guinea, and the adjacent Zogota concession.
Vale has commenced and will be commencing other proceedings in other countries to enforce its award against BSGR, as well as against persons connected with it who it believes to be liable for the award, to have received Vale's payments to BSGR, or to otherwise be responsible for Vale's loss as found by the arbitral tribunal.
The 2008 BSGR deal, shrouded in bribery allegations, was of particular interest to Conde.
An associate of BSGR was jailed in the US in 2014 for obstructing an FBI probe into the bribery claims, while Rio Tinto, holder of the two other Simandou blocks, tried to sue BSGR and Vale, alleging a conspiracy to steal its rights.
"Following this agreement, BSGR relinquishes its claims on blocks 1 and 2 of Simandou and both parties waive all outstanding procedures," said BSGR in a statement announcing the decision.
Guernsey-registered BSGR, which also has a presence in copper and gold mines and owns the Koidu diamond mine in Sierra Leone, may have lost out on Simandou, but Steinmetz will remain a key player in iron ore mining in the country.
But the article also quoted Guinea's Mines Minister Mohamed Lamine Fofana as saying BSGR "didn't follow the law".
An FBI sting resulted in Frederic Cilins, a BSGR representative, being charged with destroying evidence and tampering with a witness.
Vale said it has retained rights to pursue BSGR
with respect to the loss of Vale's investment in the joint venture.
In January 2005 he joined mining and metals group, BSGR
in the finance division responsible for IFRS and tax compliance across a number of international jurisdictions.
gained the exploration rights to the project, withdrawn from Rio Tinto, in 2008 (days before the death of former President Lansana Conte) and spent $160m developing it before selling 51% of its stake for $2.5bn to Vale (of which $500m has been paid to date).
is a subsidiary of a company owned by Beny steinmetz, the Israeli diamond entrepreneur.