After two years of battles in front of the international Court of Arbitration, Celamin Holdings won its case and is now entitled to claim 4 millions dollars (10 millions tunisian dinar) of damages that Tunisian Mining Services (TMS) has to pay along with the obligation to give back the 51% of Celamin shares.
Recall: Celamin Holdings and TMS are fighting in Court since August 2015 over an unchecked operation. TMS had transferred all of Celamin Holdings shares to the Joint-Venture it controls explaining that there was a non-payment of an amount of 2 million dollars.
The International Court of arbitration took two years to render its judgment and ruled that the Tunisian Mining Services was not in its right. TMS will have to pay the Australian group damages and give back the shares moved in the Joint Venture as soon as the Tunisian Appeal Court will make enforceable the judgment.
Now, that Celamin has won, Martin Broome, the President of the company said that the company will keep looking for opportunities for investment in the Tunisian mining sector. As soon as the assets are unfrozen, the company will go back to business.
The Australian Group is ready to continue its work on the Chaketma project, and “very likely on other projects in Tunisia”. The resources of phosphates in Chaketma are estimated to be around 130 million tons. In coordination with the EBRD, CDC Group (UK) and Proparco (FR) who are all shareholders in the Group, the company has already determined several opportunities of investment.
In that way, meetings have already taken places between major shareholders of Celamin Holdings as Chairman Robin Widdup and Tunisian leaders of the sector like Khalil Laabidi, president of the Tunisian Investment Instance (ITI) to discuss the best possibilities of collaboration.
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