Home / Business and Economy / Sundance Resources Secures Major Victory Over Cameroon
Sundance Resources Secures Major Victory Over Cameroon
27 Jul
Summary
- Cameroon must pay Sundance $616 million for project dispute.
- Tribunal found Cameroon breached legal obligations to Sundance.
- Stalled iron ore project dispute impacts Mbalam-Nabeba deposit.
An International Chamber of Commerce arbitration has awarded Sundance Resources about $616 million in damages, interest, and costs. The ruling addresses Cameroon's breach of legal obligations concerning the Australian miner's investment in the Mbalam-Nabeba iron ore project. This significant deposit spans the border between Cameroon and the Republic of Congo.
Disputes intensified after Cameroon revoked Sundance's mining rights for the Mbalam permit, later granting it to another developer. Sundance initiated arbitration to seek compensation for its losses. This follows Sundance's earlier, unsuccessful arbitration against the Republic of Congo in January regarding the Nabeba project.
Furthermore, the tribunal found Cameroon violated an arbitration agreement by disregarding a March 2022 ICC emergency order. This order had prohibited Cameroon from awarding the Mbalam permit to a different entity. Sundance awaits Cameroon's voluntary compliance for payment, otherwise, enforcement proceedings will be pursued.
