Sarama Resources Submits Request for Arbitration Against Burkina Faso
Sarama Resources (TSX-V:SWA)(ASX:SRR) has formally initiated international arbitration proceedings against Burkina Faso through the International Centre for Investment Disputes (ICSID) regarding the expropriation of its Sanutura Project. The company is seeking damages of at least A$180 million, with the final amount to be determined by a quantum expert.
The arbitration is supported by a non-recourse litigation funding facility of A$6.7M and will be pursued under ICSID's legal framework, which has previously awarded favorable decisions in similar cases. The company filed the Request for Arbitration after Burkina Faso failed to respond during a 60-day consultation period. Sarama has engaged Boies Schiller Flexner (UK) LLP, a leading international law firm, to handle the legal proceedings.
Sarama Resources (TSX-V:SWA)(ASX:SRR) ha formalmente avviato una procedura di arbitrato internazionale contro il Burkina Faso attraverso il Centro Internazionale per le Dispute sugli Investimenti (ICSID) riguardo all'espropriazione del suo Progetto Sanutura. L'azienda sta cercando un risarcimento di almeno A$180 milioni, con l'importo finale da determinare tramite un esperto quantistico.
L'arbitrato è supportato da un finanziamento per contenziosi senza regresso di A$6,7 milioni e sarà perseguito nell'ambito del quadro giuridico dell'ICSID, che in precedenza ha emesso decisioni favorevoli in casi simili. Sarama ha ingaggiato Boies Schiller Flexner (UK) LLP, un importante studio legale internazionale, per gestire le procedure legali.
Sarama Resources (TSX-V:SWA)(ASX:SRR) ha iniciado formalmente un procedimiento de arbitraje internacional contra Burkina Faso a través del Centro Internacional para la Resolución de Disputas de Inversión (ICSID) en relación con la expropiación de su Proyecto Sanutura. La empresa busca una indemnización de al menos A$180 millones, siendo el monto final a determinar por un experto en cuantificación.
El arbitraje cuenta con un financiamiento para litigios sin recurso de A$6.7 millones y se llevará a cabo bajo el marco legal del ICSID, que anteriormente ha otorgado decisiones favorables en casos similares. Sarama ha contratado a Boies Schiller Flexner (UK) LLP, una destacada firma de abogados internacional, para manejar los procedimientos legales.
사라마 리소스(Sarama Resources) (TSX-V:SWA)(ASX:SRR)는 국제 투자 분쟁 센터(ICSID)를 통해 부르키나파소에 대해 산투라 프로젝트의 수용과 관련하여 국제 중재 절차를 공식적으로 시작했습니다. 이 회사는 최소 1억 8천만 호주 달러(A$180 million)의 손해배상을 요구하고 있으며, 최종 금액은 양자 전문가에 의해 결정될 예정입니다.
이번 중재는 A$670만 호주 달러(A$6.7M)의 비환급 소송 자금으로 지원되며, ICSID의 법적 틀에 따라 진행될 예정이며, 이전에 유사한 사건에서 유리한 결정을 내린 바 있습니다. 사라마는 법적 절차를 처리하기 위해 국제적인 대형 로펌인 보이스 실러 플렉스너(Boies Schiller Flexner) (영국) LLP를 고용했습니다.
Sarama Resources (TSX-V:SWA)(ASX:SRR) a formellement engagé une procédure d'arbitrage international contre le Burkina Faso par l'intermédiaire du Centre international pour le règlement des différends liés aux investissements (CIRDI) concernant l'expropriation de son projet Sanutura. La société réclame des dommages et intérêts d'au moins A$180 millions, le montant final devant être déterminé par un expert quantitatif.
L'arbitrage est soutenu par un financement de litige sans recours de A$6,7 millions et sera poursuivi dans le cadre juridique du CIRDI, qui a précédemment rendu des décisions favorables dans des affaires similaires. Sarama a engagé Boies Schiller Flexner (UK) LLP, un cabinet d'avocats international de premier plan, pour gérer la procédure juridique.
Sarama Resources (TSX-V:SWA)(ASX:SRR) hat formell ein internationales Schiedsverfahren gegen Burkina Faso über das Internationale Zentrum für Investitionsstreitigkeiten (ICSID) im Zusammenhang mit der Enteignung seines Sanutura-Projekts eingeleitet. Das Unternehmen fordert Schadensersatz in Höhe von mindestens A$180 Millionen, wobei der endgültige Betrag von einem Sachverständigen bestimmt werden soll.
Das Schiedsverfahren wird durch eine nicht rückzahlbare Rechtsstreitfinanzierung von A$6,7 Millionen unterstützt und erfolgt im Rahmen des rechtlichen Rahmens des ICSID, der bereits zuvor in ähnlichen Fällen günstige Entscheidungen getroffen hat. Sarama hat die internationale Kanzlei Boies Schiller Flexner (UK) LLP beauftragt, um die rechtlichen Verfahren zu übernehmen.
- Secured A$6.7M non-recourse litigation funding facility to support arbitration costs
- Similar ICSID cases resulted in significant awards (A$180M and A$490M) for other companies
- Engaged prominent international law firm Boies Schiller Flexner for legal representation
- Loss of Sanutura Project through government expropriation
- Failed attempts to reach amicable settlement with Burkina Faso government
- Extended legal proceedings could impact company resources and timeline for resolution
Formal Commencement of International Arbitration Proceedings for Significant Damages Claim
VANCOUVER, BC and PERTH, AUSTRALIA / ACCESSWIRE / December 11, 2024 / Sarama Resources Ltd. ("Sarama" or the "Company") (TSX-V:SWA)(ASX:SRR) announces that it has formally commenced arbitration proceedings against the State of Burkina Faso in relation to a dispute concerning the expropriation of the Company's Sanutura Project (refer to news release dated 5 September 2023).
The Company will seek full compensation for the loss and damages the Company has suffered as a result of certain acts and omissions by the Government of Burkina Faso. Based on a preliminary estimate, the Company will be seeking damages of no less than A
Following the establishment of a non-recourse litigation funding facility of A
The Company's arbitration claim will be pursued according to the established and enforceable legal framework of ICSID which has heard numerous investor-state disputes, including recent proceedings brought by Indiana Resources (IDA:ASX) and GreenX Metals (ASX:GRX) which resulted in awards in favour of the claimants of A
The submission of the RFA follows the prior issuance of a Notice of Intent to Submit Claims to Arbitration to the Government of Burkina Faso (refer to news release dated 30 November 2024) which initiated a 60-day consultation period between the parties to amicably resolve the dispute. Despite the Company's best efforts, the Government of Burkina Faso neglected to respond and no settlement was reached, leaving Sarama with no alternative but to initiate international arbitration proceedings.
The Company has engaged Boies Schiller Flexner (UK) LLP ("BSF"), a leading international law firm, to assist with legal matters pertaining to the dispute (refer to news release dated 17 October 2023). BSF is an internationally recognised dispute resolution law firm with extensive experience representing investors in international investment arbitrations in the mining and natural resources sectors worldwide.
For further information, please contact:
Andrew Dinning
Sarama Resources Ltd
e: info@saramaresources.com
t: +61 8 9363 7600
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, the quantum and pursuit of compensation for the loss and damages; the intention to appoint a quantum expert and preparation of a professional damages assessment; and the pursuit and outcome of the arbitration claim. Actual results may vary from the forward-looking information due to known and unknown risks, uncertainties and other factors. Such factors include, among others, foreign country and political risks, including risks relating to foreign operations and expropriation or nationalization of mining operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
This announcement has been authorised by the Board of Sarama Resources.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sarama Resources Ltd.
View the original press release on accesswire.com
FAQ
How much compensation is Sarama Resources (SRMMF) seeking in the arbitration against Burkina Faso?
What is the funding arrangement for Sarama's (SRMMF) arbitration proceedings?
Which legal firm is representing Sarama Resources (SRMMF) in the arbitration case?
What was the outcome of Sarama's (SRMMF) 60-day consultation period with Burkina Faso?
What precedents support Sarama's (SRMMF) arbitration case against Burkina Faso?
