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AfricaGerald Group resolves iron ore dispute with Sierra Leone
Reuters
2 minute read
U.S. commodity trader Gerald Group will pay Sierra Leone $20 million and cede a 10% stake in an iron ore project as part of the resolution to a nearly two-year dispute that led to the shutdown of production, the two sides said.
Gerald s wholly-owned subsidiary SL Mining filed for arbitration in August 2019 over a royalty payment dispute and suspended the Marampa mine the following month. Sierra Leone s government responded by cancelling its mining licence.
As part of the agreement signed on Friday, Sierra Leone will take a non-dilutable 10% stake in a new company that will replace SL Mining and resume operations at Marampa by June 1, Gerald said in a statement late on Monday.
Latin Lawyer Pedro Castillo (Credit: Twitter/@PedroCastilloTe)
Peruvian presidential frontrunner Pedro Castillo has pledged to withdraw the country from the International Centre for Settlement of Investment Disputes (ICSID) and other Investor-State Dispute Settlement (ISDS) mechanisms and create a new regional arbitration centre for South American nations if he wins a runoff vote in June.
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Introduction
France s top court has reinstated a $1.58 billion arbitration award rendered in investment treaty proceedings between Canadian gold miner Rusoro and Venezuela.
In its 31 March 2021 decision,(1) the Court of Cassation accepted Rusoro s argument that the limitation period for bringing a claim under the Canada-Venezuela Bilateral Investment Treaty (the Canada-Venezuela BIT) was a question of admissibility and not of the tribunal s jurisdiction to hear the dispute. Accordingly, the Court of Cassation quashed the Paris Court of Appeal s previous ruling that had reached the opposite conclusion.
The Court of Cassation s decision guides the future review of arbitral awards by the French courts and adds to the longstanding discussion in investment treaty arbitration about the distinction between the admissibility of a claim and the jurisdiction of an arbitral tribunal. By deciding that the issue of whether the claims were time barred was a question of admissibility (a non-revi
Zimbabwe’s land deal off-track Zimbabwe’s land deal off-track
Prof Mthuli Ncube
CASH-STRAPPED Zimbabwe will miss the July deadline to pay US$1.75bn in compensation to dispossessed white commercial farmers amid revelations the administration has failed to get financial support from development partners and international financiers, it emerged this week.
Last year, President Emmerson Mnangagwa’s government tabled a US$3.5bn offer to white former commercial farmers for assets expropriated by the State.
Of that, US$1.75bn was supposed to be paid in July while the balance would be paid in installments of US$437.5m per year for the next four years.