130708_r23707_p233"The red earth that dusts the lush vegetation around Simandou marbles the mountain rock is worth a fortune."

A few weeks ago New Yorker published an amazing story: Burried Secrets: How an Israeli billionaire wrested control of one of Africa’s biggest prizes.

The article covers businessman Beny Steinmetz's takeover of the Simandou iron ore project in Guinea, Africa, which boasts approx. $140 billion of ore in the ground.

The integrity of Mr. Steinmetz's ownership of Simandou is in question. Turning 160 million into 5 billion isn't corruption, Steinmetz believes. "...the natural resources business is a game of chance. "It's roulette", he told journalist , who had amazing access for the story.

Learn about the watch theory of politics. "When a minister is wearing a watch that costs more than my car, I start to worry."

"In the diamond business, a handshake is more important than a contract."

Read the full article from The New Yorker here.

 

Related: Gertler Earns Billions as Mine Deals Fail to Enrich Congo