A Paris court has dismissed a $2.2billion claim against Burkina Faso lodged by Pan African Minerals Group over control of one of the world’s largest manganese mines.
Romanian-Australian tycoon, Frank Timis’ Pan African Burkina Limited (PAB) bought the rights to the Tambao mine, which reportedly holds 100-million tons of manganese reserves, in 2012. PAB says it has invested more than $100m developing the mine, but has been involved in a legal wrangle with the government over its permit.
PAB and two other firms in Pan African Minerals Group filed a claim with the International Chamber of Commerce’s International Court of Arbitration in late 2016, accusing the Burkinabe authorities of blocking development of the mine. Last April, while the court case was still pending, the government terminated PAB’s Tambao contract
In its ruling, the court found that “the termination of the contract by Burkina was valid and justified in law”, the government spokesperson, Remi Dandjinon says.
“For the Burkinabe government, this is satisfactory because it allows us to regain control of the deposit” Dandjinon adds.
The Tambao contract was won under the government of Burkina Faso’s long-time ruler, Blaise Compaore in June 2012.
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