23rd Sep 2019 14:41
(Alliance News) - Polo Resources Ltd said Monday its 19% investee Celamin Holdings Ltd has won the final appeal concerning the recovery of its interest in the Chaketma phospate project in Tunisia.
Shares in Polo Resources - a mining-focused investment company - were up 2.7% at 2.95 pence on Monday.
In April, the Court of Appeal in Tunis made its final decision judging that Celamin's 51% interest in the project be returned to it, as well as a payment of USD4 million damages and costs plus interest be paid.
However, the defendant, Tunisian Mining Services, made an appeal challenging the orders issued by the court in April, which has been rejected.
In November 2017, an arbitrator of the International Court of Arbitration of the International Chamber of Commerce found the transfer of Celamin's interest in Chaketma to zinc and lead miner Tunisian Mining Services was fraudulent and ordered the holding to be returned.
However, TMS did not comply, so Celamin applied to the Court of Appeal to have the order enforced.
Celamin will pursue all measures to ensure that TMS complies with the order to return its interest in Chaketma and secure the payment of damages.
"This latest decision further vindicates our confidence and belief in Tunisia as a solid destination for investment by foreign companies. We look forward to getting back on the ground," said Simon Eley, managing director at Celamin.
By Dayo Laniyan; [email protected]
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