Vale hits back at Steinmetz in $2bn damages fight

FINANCIAL TIMES 🔒| Brazilian miner Vale has dismissed Israeli businessman Beny Steinmetz’s latest gambit in their long-running multibillion-dollar legal battle as a “publicity stunt” designed to deflect from the many defeats he and his family have suffered.

Mr Steinmetz, who is trying to overturn a $2bn arbitration award over a failed iron ore joint venture in Guinea, wants to serve subpoenas on Vale and its mining rival Rio Tinto to access documents he says can help his case.

In a New York court filing, Vale’s lawyers said Mr Steinmetz already had access in England to nearly all the information he was seeking and that his application was a “gimmick” that should be rejected.

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