Wadi pays Weatherley $2m in Tambao project dispute settlement
JOHANNESBURG (miningweekly.com) – United Arab Emirates-based Wadi Al Rawda Industrial Investments has paid Aim-listed Weatherly International $2-million, following the resolution of a dispute related to the Tambao manganese project, in Burkina Faso.
This was a reimbursement of expenses incurred by the copper explorer on Wadi’s behalf.
After entering into an agreement with the government of Burkina Faso in April 2007 in respect of the Tambao project, Wadi requested that Weatherly complete a feasibility study, which Wadi then submitted to the State in September 2008.
A dispute then arose between Wadi and the Burkina Faso government regarding rights over the deposit, which was submitted in April 2011 for resolution to an arbitral tribunal constituted under the auspices of the International Chamber of Commerce’s International Court of Arbitration.
That dispute had, however, since been settled, and Wadi had agreed to discontinue the arbitration.
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