Benny Steinmetz acquired half of the iron deposit underneath the Simandou mountains in Guinea in 2008. Simandou is one of the richest concessions in all of mining. It is said to hold more than 26 billion tonnes of high grade ore worth more than $50 billion to whoever is granted the licence to mine it. Simandou has already brought Steinmetz vast wealth – he got half of the total concession area for nothing. Zero. His BSG Resources – spun out of the Steinmetz Diamond Group the young Benny inherited from his father Rubin – was awarded the rights days before the death of Guinea dictator Lansana Conté . Conté had not long before stripped the Simandou blocks from Rio Tinto, which had held the exploration rights since the 1990s.