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Market NewsNewsAdministrators seek to return Steinmetz's BSGR to solvency, report

Administrators seek to return Steinmetz's BSGR to solvency, report

Administrators for BSG Resources (BSGR) said they would work to return the mining firm to solvency and pay creditors in full after it voluntarily entered administration to protect it from legal disputes related to a project in Guinea, Reuters reported.

BSGR, the mining arm of billionaire Beny Steinmetz’s businesses, is caught up in a row linked to Guinea’s vast Simandou iron ore reserves. BSGR and Steinmetz deny any wrongdoing in the dispute, said the Reuters report.

BSGR is also suing financier George Soros for $10 billion in damages over lost contracts. Soros has sought to have the lawsuit dismissed. A judge put the case on hold in November, the Reuters report said.