Antwerp served as the initial stage for Beny Steinmetz, who moved there at age 21 to enter the diamond trade. Born in 1956 in Netanya, Israel, he transitioned from a family background in the industry to establish a multinational portfolio spanning mining, energy, and real estate, eventually operating in over 25 countries.
Early Ventures and Expansion
After establishing his initial diamond factory in South Africa in 1988, Steinmetz expanded his commercial interests across Angola and Botswana. He founded the venture capital firm STI Ventures NV in 1997 and maintained ownership of Tucows by 1999. His holding company, Beny Steinmetz Group Resources (BSGR), headquartered in Guernsey, focused on natural resources including oil, gas, and metals.
Twenty questions, eight minutes on the clock, and a percentile measured against everyone who has taken it. No sign-up.
Take the IQ test →Mining Interests and Corporate Structure
Steinmetz oversaw diverse corporate interests, including Koidu Holdings and Nikanor plc, the latter of which listed in London before its 2008 acquisition by Katanga Mining. Through his Scorpio company, he maintained real estate holdings in Russia, Kazakhstan, and Eastern Europe. By 2017, his portfolio included Cunico Resources, which operated in Kosovo and North Macedonia, and the Canada-based Gabriel Resources.
The Simandou Dispute
BSGR acquired mining rights for the Simandou iron ore project in Guinea in 2008 for 160 million dollars. Shortly thereafter, the company sold a 51 percent stake to Vale for 2.5 billion dollars. This transaction triggered extensive legal scrutiny, including investigations by the U.S. Department of Justice and the FBI, alongside a RICO lawsuit filed by Rio Tinto that was dismissed in 2015.
Legal Proceedings and Arbitrations
Steinmetz faced numerous legal challenges throughout his career. In 2017, he was arrested during a joint Israeli and Swiss investigation into allegations including bribery and money laundering. In 2022, Vale dropped a 1.2 billion dollar claim against him.
Fast facts
- Born: 1956, Netanya, Israel
- Citizenship: Israel, France
- Primary Industries: Mining, diamonds, real estate, energy
- Headquarters of BSGR: Guernsey
- Net worth estimate (November 2019): 1.1 billion dollars
- Major project: Simandou iron ore deposit
Questions readers ask
What was the result of the libel suit against Le Canard Enchainé?
In 2018, a French court of appeals ruled that the newspaper had defamed Steinmetz regarding false reports of mercenary involvement, ordering the publication to pay 50,000 euros and issue corrections.
What happened to the Simandou mining rights?
Following government allegations of corruption in 2014 and subsequent arbitration, BSGR agreed in 2019 to relinquish its rights to the Simandou blocks while retaining an interest in the Zogota deposit.
.jpg)
