- Write by:
-
Monday, September 5, 2022 - 14:47:00
-
728 Visit
-
Print
Mining News Pro - Nigeria has agreed to pay $496 million to settle a multi-billion dollar claim from Global Steel Holdings Ltd following the termination of a contract to upgrade the country’s steel plants, the presidency said on Saturday.
Global Steel, which is linked to India’s Mittal family, had between 2004-7 acquired rights to Nigeria’s entire state steel industry via five major concessions and share purchase contracts. The deal also included access to Nigeria’s iron ore reserves and the central railway network.
But in 2008, the government of the late Umaru Yar’Adua terminated the contracts. Global Steel sought arbitration at the International Chamber of Commerce, Court of Arbitration in Paris the same year.
Between 2011 and 2020, Global Steel and the Nigerian government made several attempts to settle but failed.
Nigeria’s Attorney General and Minister of Justice Abubakar Malami, who led the negotiations, said the government had managed to get a 91% haircut on the original claims of $5.258 billion.
“I pay tribute to President (Muhammadu) Buhari for his dedication to resolving this problem and wrestling back a crown jewel of our national industrialization plans rather than leaving the endeavour to the future administration to deal with,” he said.
Short Link:
https://www.miningnews.ir/En/News/622110
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the ...
Japan’s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy US Steel, which it ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the ...
Indonesia’s nickel reserves are sufficient for expanded processing operations, an investment ministry official said on ...
A Brazilian federal court rejected a request made by the country’s solicitor general’s office asking that miners Vale, ...
No comments have been posted yet ...