Sundance Resources seeks $8.8 bln in damages over Congo iron ore project
2020-12-22 14:29:27 [Print]
Australian miner Sundance Resources said on Monday it had initiated an arbitration process against Congo Republic for damages of $8.76 billion after the Congolese government revoked its permit for the Nabeba iron ore project.
The Nabeba permit is part of Sundance's flagship Mbalam-Nabeba project, which straddles the border of Congo and Cameroon. It has yet to begin extracting iron ore.
A decree by President Sassou Nguesso published on Dec. 17 in Congo's official gazette confirmed the permit had been withdrawn for "prolonged insufficiency of exploitation manifestly contrary to the potential of the deposit" and a failure to pay royalties.
Another presidential decree awarded the permit to Sangha Mining Development Sasu, headquartered in the Congolese city of Pointe Noire.
The Nabeba permit is part of Sundance's flagship Mbalam-Nabeba project, which straddles the border of Congo and Cameroon. It has yet to begin extracting iron ore.
A decree by President Sassou Nguesso published on Dec. 17 in Congo's official gazette confirmed the permit had been withdrawn for "prolonged insufficiency of exploitation manifestly contrary to the potential of the deposit" and a failure to pay royalties.
Another presidential decree awarded the permit to Sangha Mining Development Sasu, headquartered in the Congolese city of Pointe Noire.
