First Quantum Minerals launches international case against DRC in Washington court

холови гарнитуриThe companies International Quantum Resources Limited, Frontier SPRL and Compagnie Miniere de Sakania SPRL, which are the subsidiaries of Canadian mining company First Quantum Minerals Ltd., have initiated international arbitration against the Democratic Republic of Congo (DRC) under the facilities of the International Centre for Settlement of Investment Disputes in Washington, U.S. The arbitration concerns the unjustified expropriation by the DRC government of mining titles held by First Quantum’s subsidiaries, in violation of the provisions of the DRC Mining Code and law applicable.

This arbitration case is part of First Quantum’s effort to pursue its legal rights in relation to its assets in the DRC. Some months ago, its project in Congo was sealed off by the government of DRC, and the rights on the project were passed on to the BVI-incorporated company Highwind Properties Ltd. First Quantum not only lost the rights on the project, it was also ordered to pay a fine by the decision of the DRC court.

Clive Newall, President of First Quantum, said in his comments: “Today we are launching another important part of the ongoing pursuit of our legal rights relating to our investments in the DRC. We will continue to drive this legal process to its conclusion. We are determined to achieve a just outcome and to uphold the standards of good governance, not only for our shareholders, but also for the Congolese people.”

Other actions filed by First Quantum that are currently underway include, beside the Kolwezi arbitration before the ICC in Paris against the DRC, a  legal claim against subsidiary companies of British Virgin Islands-registered  Eurasian Natural Resources Corporation PLC.

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