running story
Brazzaville facing hefty arbitration over withdrawn iron ore permits
Drill cores at the Badondo site. © Equatorial Resources

Brazzaville facing hefty arbitration over withdrawn iron ore permits

President Denis Sassou Nguesso's decision to withdraw several iron ore mining permits in late 2020 has thrust arbitration proceedings on the heavily-indebted country involving at least $40bn. All of the plaintiffs - Australia's Sundance Resources and Equatorial Resources, Saint Kitts and Nevis-based Avima Iron Ore and Britain's Midus Holdings - are being assisted by law firm Clifford Chance. The case underscores Congo's relations with China, the source of capital for the buyer of three of the withdrawn iron ore permits: Sangha Mining Development.

 

Congo Minister of Mines, Pierre Oba.
Congo Minister of Mines, Pierre Oba. © Jemal Countess / Getty Images North America / Getty Images via AFP

Mines minister and Sassou favourite Pierre Oba besieged by irate investors 

The seeking of around $40bn from the Congolese state by four companies in compensation for the recent cancellation of their iron mining permits has placed the country's mining industry's movers and shakers in the spotlight, not least the powerful minister of mines Pierre Oba who is an essential cog in President Denis Sassou Nguesso's machine. [...]

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