Congo Strips Aussie Miners of Iron Ore Projects as Beijing Trade Dispute Widens
Amid the ongoing trade disputes that Beijing has instigated against Australian exporters, the Republic of Congo (ROC) which is heavily indebted to China has stripped three Australian mining firms of major iron ore projects under alleged “unlawful and arbitrary” circumstances.
The move comes as the Chinese Communist Party (CCP) continues to wield considerable influence via debt-trap diplomacy on the African continent.
Two Australian miners, Perth-based Sundance Resources and Equatorial Resources have triggered dispute resolution mechanisms after the ROC government withdrew their mining licenses in violation of its mining laws, handing the projects to a mysterious entity called Sangha Mining.
Aussie companies stripped of iron ore projects in Africa
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Perth-based Sundance Resources is seeking a multi-billion dollar payout from the Republic of Congo after being stripped of its iron ore mining licence in the central African nation where China is casting a big shadow.
Two other Australian-based companies have also had iron ore mining and exploration rights stripped by the RoC, which then awarded them to a mystery company with no history in the region.
The mystery company has been handed rights to about a billion tonnes of high grade iron ore by the RoC at a time Chinese steel mills are stuck paying high prices for Australian product.
Sundance Resources (ASX:SDL) set to delist amid African disputes
Source: The West Australian
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Sundance Resources (SDL) will delist from the ASX on December 21 amid ongoing disputes with the governments of Cameroon and Congo
Permitting issues for the company s Mbalam-Nabeba Iron Ore Project, spanning the border of Cameroon and Congo, will require resolution
If suitable terms can t be met with the governments in question, the cases will go to arbitration at the International Chamber of Commerce
The disputes mean the company can t satisfy ASX listing rules and will have to be delisted