DAKAR – Sundance Assets has gained an Worldwide Chamber of Commerce arbitration towards Cameroon, with a tribunal awarding the Australian miner about $616-million in damages, curiosity and prices over a stalled iron-ore undertaking, the corporate has stated.
The Perth-based miner stated the tribunal discovered that Cameroon had breached its authorized obligations to Sundance and its subsidiary Cam Iron SA in relation to their funding within the Mbalam-Nabeba iron-ore deposit, which straddles the border between Cameroon and the Republic of Congo.
The Mbalam-Nabeba undertaking, one in every of Africa’s largest undeveloped iron-ore deposits, turned mired in disputes after Cameroon revoked Sundance’s mining rights and later awarded the Mbalam allow to a different developer.
Sundance subsequently launched arbitration proceedings, in search of compensation for losses.
The corporate misplaced a separate arbitration case in regards to the identical deposit towards the Republic of Congo in January, when a tribunal dismissed its $8.8-billion damages declare linked to the Nabeba iron-ore undertaking.
In an announcement on Sunday, Sundance stated the tribunal had additionally dominated that Cameroon violated an arbitration settlement by failing to adjust to an ICC emergency order issued in March 2022 that barred it from granting the Mbalam mining allow to a different celebration.
Cameroon’s mines ministry didn’t instantly reply to a request for remark.
Its mines minister stated in July that Mbalam was amongst new tasks anticipated to spice up annual mining income to one-trillion CFA francs ($1.75-billion).
Sundance Chairman David Porter stated the corporate, its authorized advisers Clifford Probability and litigation funder Burford Capital had been happy with the tribunal’s determination.
Cameroon can be required to pay the award, but when the federal government doesn’t comply voluntarily, Sundance would want to pursue enforcement proceedings, the corporate stated.
