Cleary Gottlieb $2 Billion Arbitration Win Shortlisted for GAR Awards 2020
February 26, 2020
Global Arbitration Review has included Cleary Gottlieb’s $2 billion arbitration win for Vale S.A. (Vale) on the “Most Important Decision” shortlist for its GAR Awards 2020.
In April 2019, Cleary successfully represented Vale in an arbitration seated in London against BSG Resources Ltd. (BSGR), securing a $2 billion victory in the form of one of the largest commercial arbitration awards ever made.
Vale claimed $1.25 billion in damages it suffered in connection with its 2010 joint venture project with BSGR, involving iron ore mining rights in the Simandou region of the Republic of Guinea, an area that is reported to be one of the most valuable unexploited iron ore deposits in the world. Vale also claimed and was awarded interest and costs of approximately $775 million.
To read more about the nominated arbitration in Global Arbitration Review, click here.
To read more about the GAR Awards 2020, which will take place in Paris on April 2, click here.