Sundance Resources Loses Arbitration over Congo Iron Ore Permit Revocation

Sundance Resources loses arbitration over Congo iron ore permit revocation

Australia's Sundance Resources said on Monday that an arbitration panel had dismissed its challenge to what the mining company has called Congo's unlawful expropriation of subsidiary Congo Iron's mining permit in the country's Sangha region. Sundance said a tribunal in London, operating under International Chamber of Commerce rules, found Congo had a legitimate basis to revoke the permit because the project was not developed during the period al…

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 20…