Cassius Mining Limited (ASX Code: CMD) has announced that its Ghanian subsidiary Cassius Mining Limited has now formally commenced International Arbitration against the Government of the Republic of Ghana by serving a Notice of Arbitration dated 3 February 2023 on Ghana.
Cassius has proposed that the Permanent Court of Arbitration at The Hague serve as the case administrator and appointing authority.
The Company is claiming damages in excess of USD 275,000,000 as a consequence of Ghana’s breaches of the Large-Scale Prospecting Licence Agreement entered into with the Company in the Upper East Region of Ghana in the gold rich Talensi District.
The Company has engaged Quinn Emanuel Urquhart & Sullivan to act on its behalf in the arbitral proceedings.
The Chairman of Cassius James Arkoudis in a comment sated thus:
“I look forward to the hearing of the arbitration against the Government of Ghana. After the extensive preparations that we have made, together with our legal team, we are confident of a successful resolution in the Company’s favour.”
Ghana must provide a response to the NOA within thirty (30) days of receipt in accordance with the United Nations Commission on International Trade Law rules.
In the ordinary course of such matters a Tribunal is then constituted, followed by the exchange of pleadings and witness statements from lay and expert witnesses as the matter progresses to hearing.
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Currently, matters of a similar kind (unless settled by earlier agreement) will be heard for about eighteen (18) to twenty four (24) months after commencement.
