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Cameroon to build railway to disputed iron ore project with China-linked firms, says state TV
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Chinese-Linked Miner in Pole Position for African Iron Ore Project Stripped From Australian, British Firms
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Cameroon to build railway to disputed iron ore project with China-linked firms, says state TV
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Congo Republic signs deal on revoked iron ore licenses with Sangha Mining
Congo Republic on Saturday has signed two mining conventions with Congo’s Sangha Mining to exploit iron ore on licenses the government withdrew last year from Australian miners Sundance and Equatorial Resources, and Nevis-registered Avima.
The government of Congo revoked the licenses on Avima, Badondo – operated by Equatorial Resources – and Nabeba, owned by Sundance last year, saying the companies had failed to meet their obligations to develop their high-grade iron ore concessions. The companies deny this.
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The government handed the licenses to Sangha Mining Development Sasu which is registered in the Congolese city of Pointe Noire.
By Reuters Staff
2 Min Read
DAKAR (Reuters) - Avima Iron Ore Limited said on Thursday it had written to Congo Republic’s government to demand it either reinstate the company’s production licence that was stripped last November or pay damages of $27 billion.
Avima’s iron ore licence was one of three that Congo’s government revoked late last year and handed to a little-known company backed by Chinese investment called Sangha Mining Development Sasu.
The government said the companies had failed to meet their obligations to develop their concessions. The companies deny this.
One of them, Australia’s Sundance Resources, announced in December it had initiated an arbitration process seeking $8.76 million in damages. Sundance said last week it had delayed arbitration by 30 days to allow discussions with Congo to progress.