Sundance loses arbitration over permit seizure

SUNDANCE Resources lost its case against the Democratic Repubic of Congo after an arbitration panel dismissed the Australian miner’s challenge to the expropriation of subsidiary Congo Iron’s mining permit in the country’s Sangha region.A tribunal in London operating under International Chamber of Commerce rules found Congo had legitimate grounds to revoke the permit because the project was not developed during the allowed period from 2016 to 2018, according to a report by Reuters. All claims brought by Sundance and Congo Iron were dismissed.“Sundance is shocked by this poorly reasoned ICC Award,” non-executive chairman David Porter said. “In our mind, the tribunal members made fundamental errors and failed to allow us to present our case on issues that, as it turned out, were central to their decision-making process.”Congo’s government revoked Congo Iron’s permit in December 2020 and awarded it to Sangha Mining Development, a subsidiary of China’s Bestway Finance, triggering the dispute, said Reuters.The company referred a claim to international arbitration in March 2021, seeking $8.8bn in damages over the Mbalam-Nabeba project, which straddles the border between Congo and Cameroon.Sundance said it had identified “serious irregularity” leading to “substantial injustice” and is seeking to challenge the decision under the English Arbitration Act 1996. It has asked the High Court in London to set aside the ruling.A decision on a similar case against Cameroon is expected in February or March. “As the Cameroon case is independent of the Congo proceedings and before a separate tribunal, Sundance does not expect the outcome of the Congo proceedings to influence or affect the Cameroon case,” the company added.The post Sundance loses arbitration over permit seizure appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com