Sundance settles dispute with Congo Republic over iron ore project

Sundance Resources has reached an agreement with Congo Republic to settle a dispute over the Nabeba iron ore project, the Australian mining company said on Wednesday.

Sundance Resources had sought arbitration against the central African nation, seeking $8.8 billion in damages over Congo’s decision to revoke its permit on the project and award it to a little-known company instead.

“The Republic of Congo, Sundance Resources Limited and Congo Iron SA wish to announce that a mediation has concluded and resulted in the execution of a conditional binding confidential settlement agreement, which will settle and bring to an end the ongoing dispute,” the firm said in a statement.

The Mbalam-Nabeba project straddles the border of Congo and Cameroon.

Sundance is in a separate dispute with Cameroon over an iron ore licence.

It said in a July 2 statement that proceedings against Cameroon were scheduled to be heard by the International Chamber of Commerce in Paris on January 27-31, 2025.

“The Conditional Settlement with Congo… will not affect the company’s ICC arbitration against Cameroon,” it said.

(By Anait Miridzhanian; Editing by Bate Felix and Jason Neely)