arbitration / adr news
Sundance Resources enters claim in iron ore dispute with Congo Republic 21 July 2022
Sundance Resources has filed a claim statement against Congo Republic as part of an iron ore dispute the company referred to international arbitration in March 2021, the Australian mining company said on Thursday. Sundance is seeking $8.8 billion in damages over the Mbalam-Nabeba project, which straddles the border of Congo and Cameroon, and which it has yet to begin mining due to disputes with both central African countries. Congo’s government revoked Sundance subsidiary Congo Iron’s permit in December 2020 and awarded it to a little-known company, triggering the dispute. A Memorial of Claim was filed at the International Chamber of Commerce (ICC) on May 27, and Congo has until November to respond, the statement said. The Congo Republic government was not immediately available for comment. Sundance also said Cameroon had failed in an appeal against an interim order restraining the government from granting exploitation rights over the Mbalam iron ore deposit to other parties. Cameroon’s mines ministry did not respond to a request for comment. Sundance accuses Cameroon’s government of failing to honor an exploitation permit awarded to Sundance subsidiary Cam Iron in 2010 and violating the terms of their agreement. That dispute was referred to international arbitration in June 2021 after Sundance learned that Cameroon’s government was in talks with Congo Republic to develop the mine with Chinese investors. Source: ALARABIYA News |
