ArcelorMittal claims it has lost arbitration case against Senegal
AFPPARIS--The Senegalese government has won an initial ruling in an international arbitration case concerning an iron mining project in the southeast of the country, steel giant ArcelorMittal said Wednesday.
September 14, 2013, 12:01 am TWN
“The arbitral tribunal has now issued its first award and decided that Senegal is entitled to terminate the 2007 agreements,” but the question of possible damages has yet to be considered, ArcelorMittal said of the ruling by the Paris-based Court of Arbitration of the International Chamber of Commerce.
The world's top steel company said it concluded an agreement with Senegal in 2007 to develop the Faleme project in the Tambacounda region to mine iron ore, a key component of steel.
The envisaged investment of US$2.2 billion (1.7 billion euros) was the biggest industrial project in the west African country, and was due to have started operations in 2011 and produce 25 million tons of iron ore per year.