Sundance Resources Wins $616 Million Arbitration Award Over Cameroon Iron Ore Project
Key Takeaways
- •An International Chamber of Commerce tribunal awarded Sundance Resources $616 million in its dispute with Cameroon.
- •The tribunal found that Cameroon breached its legal obligations related to the Mbalam-Nabeba iron ore project.
- •Sundance said the tribunal ruled that Cameroon unlawfully interfered with the project.
- •The arbitration decision gives the dispute a financial ruling but does not resolve enforcement or settlement questions.
Sundance Resources has won a $616-million (C$870-million) arbitration award after an International Chamber of Commerce tribunal found that Cameroon breached its legal obligations over the Mbalam-Nabeba iron ore project.
The Perth-based miner said the tribunal ruled in favour of Sundance and found that Cameroon had unlawfully interfered with the project. The decision follows the company’s dispute over the iron ore development, which has been at the centre of legal proceedings involving the government of Cameroon. The award gives the long-running dispute a financial ruling, but it does not by itself resolve the practical questions around the project’s future, including any steps that would be needed to move from arbitration to enforcement or settlement.