![]() ![]() Successive attempts with the Chinese companies China Gezhouba, in 2015, Tidfore Heavy Equipment Group Ltd, in 2018, and finally AustSino, from 2018, have all been crowned with failure.Ĭameroon has therefore decided to turn to other partners to develop the mining project, including AutSino Resources Group Ltd and Bestway Finance. The next step for this tribunal is to confer with the parties and establish the timetable and rules of procedure.Īfter several extensions of its exploration license on the project, the Australian mining junior has not managed to secure a technical and financial partner for the installation of the infrastructures relating to the Mbalam mining project (construction of a railway more than 500 km between Mbalam and Kribi, from the mine and an ore terminal to the deep water port of Kribi). ![]() The collegiality of the Paris ICC arbitration tribunal which will rule on this case has already been constituted. A decision that Cameroon would have violated with the decree of August 17, 2022. The International Court of Arbitration in Paris has indeed issued an interim decision prohibiting the country " from issuing an exploitation permit relating to the Mbalam iron ore deposit or from issuing any instrument or document having a similar effect, to Sonamines or to any other entity," Sundance said. The urgent procedure ended on April 1, 2022, with a decision unfavorable to Cameroon. The Australian mining junior already seized the International Court of Arbitration of the Paris International Chamber of Commerce in June 2021 in order to force the country to grant it an exploitation permit on this iron deposit, after the mining convention of 29 November 2012 and the transition agreement of June 30, 2015. Otherwise, Sundance and its Cameroonian affiliate, Cam Iron, will submit the expropriation to arbitration, in addition to the claims Sundance and Cam Iron have already made against Cameroon. It indicates that the notice gives Cameroon 15 days to respond with an offer of amicable settlement. This decree constitutes a new breach of contract and an unlawful expropriation of the rights of Sundance and Cam Iron regarding Mbalam", declares the multinational. Mbalam's decree constitutes a direct violation of the Interim Order of the International Chamber of Commerce of April 1, 2022. ![]() ![]() "The notice was issued following a presidential decree granting an exploitation permit on the Mbalam mining title to an entity named Cameroon Mining Company Sarl. In a press release published on October 21, Sundance Resources declares having issued, on October 18, 2022, a notice of expropriation dispute to the Republic of Cameroon. This time it is a question of noting the attribution on Augof the exploitation permit for the Mbalam iron deposit to the Cameroon Mining Company (CMC) Sarl, a subsidiary of Coconut Logic Holdings, an investment vehicle based in Singapore which also controls the capital of Bestway Finance. (Business in Cameroon) - The Australian mining junior, Sundance Resources, announces a new legal action against Cameroon. We already knew this locally, but getting coverage in Cameroon's media.įer de Mbalam: Sundance announces new legal action to challenge the award of the permit to CMC Sarl ![]()
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