Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2-billion to former partner Vale after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said. The decision by Steinmetz’s BSG Resources to back out of hearings earlier this year will probably cost him the case, the people said, asking not to be identified as the matter is confidential. BSGR felt it wouldn’t be “treated fairly,” according to a letter sent by its lawyers Mishcon De Reya to Vale’s legal representatives dated January 31 and seen by Bloomberg News.
