Latest news with #Amaplat
News24
6 days ago
- Business
- News24
US court rules in Zimbabwe's favour over R1.7bn mining dispute
• For more financial news, go to the News24 Business front page. A US court has dismissed a case brought by two Mauritian companies seeking to enforce a decade-old arbitration award against a Zimbabwean state-owned miner. The US Court of Appeals, District of Columbia Circuit, ordered the case brought by Amaplat Mauritius and Amari Nickel against the Zimbabwe Mining Development be dismissed, citing a lack of jurisdiction. The Mauritian firms approached the US court after the Zimbabwean company ignored an arbitration order and a court ruling to pay. The International Court of Arbitration in Zambia in 2014 ordered ZMDC to pay $42.9 million to Amaplat and $3.9 million to Amari, with 5% annual interest, for cancelling a nickel and platinum joint venture in the southern African nation. The amount has since risen to $93 million (R1.7 billion). In 2019, the Zambian High Court granted the two companies permission to enforce the arbitration award, which would have allowed them to seize the state miner's assets. Zimbabwe's Secretary for Mines and Mining Development Pfungwa Kunaka welcomed the outcome. Zimbabwe's Mines Minister Winston Chitando didn't immediately respond to a text message seeking comment. Lawyers for the Zimbabwe government and ZMDC also didn't immediately respond to emailed queries. Representatives for Amari and Amaplat said they will respond to Bloomberg queries.
Bloomberg
6 days ago
- Business
- Bloomberg
US Court Rules in Zimbabwe's Favor Over $93 Million Mining Dispute
A US court has dismissed a case brought by two Mauritian companies seeking to enforce a decade-old arbitration award against a Zimbabwean state-owned miner. The US Court of Appeals, District of Columbia Circuit, ordered the case brought by Amaplat Mauritius Ltd. and Amari Nickel against the Zimbabwe Mining Development Corp. be dismissed, citing a lack of jurisdiction.
Yahoo
12-04-2025
- Business
- Yahoo
Zimbabwe Mining Development seeks to protect assets from international debt dispute
Zimbabwe's state-owned Zimbabwe Mining Development (ZMDC) is seeking a resolution to protect its assets, which are at risk of being seized over a debt incurred from an international arbitration case with Amaplat Mauritius, reported Bloomberg. ZMDC chairman Paul Chimboza has confirmed the authenticity of a letter addressed to Mines Minister Winston Chitando, requesting government intervention in the dispute linked to cancelled nickel and platinum projects. The letter, verified by Bloomberg, highlights the corporation's repeated requests for the state to assume the $93m debt owed to Amaplat's unit. The arbitration case was ruled in favour of Amaplat by the International Chamber of Commerce in 2014, with Zambia's High Court allowing the enforcement of the ruling in 2019. A settlement proposal was accepted by Zimbabwe's Finance Ministry in 2021, with ZMDC agreeing to make the payments, which had escalated to $65.9m. As part of the settlement, Bravura, owned by Nigerian businessman Benedict Peters, was to pay $15m to Amaplat. However, according to Chimboza, Bravura has only paid $3m, and the remaining terms, including the transfer of mining assets, have not been fulfilled. Bravura officials have not commented on the matter. ZMDC's financial woes are compounded by the fact that most of its assets have been transferred to Defold Mine, a new state company, leaving it with limited internal resources to address the debt. The financial strain on ZMDC is exacerbated by legal costs, which have exceeded $500,000. Amaplat insists that the responsibility for the debt lies with the Zimbabwean Government. Amaplat in a response to queries said: 'As the ICC award is against a Zimbabwe government parastatal and the commissioner of a government ministry, the ZMDC and the Chief Mining Commissioner of the Ministry Mines, the public debt remains the responsibility of the government of Zimbabwe for the full amount.' Further legal complications loom for Zimbabwe, with Amaplat planning to register its award in Canada following a similar action in the US. A related hearing is scheduled for 30 June. Zimbabwe is facing significant financial challenges, with state entities owing more than $21bn and being excluded from international capital markets due to defaults on loans from institutions such as the World Bank and European Investment Bank. Last year, Zimbabwe announced plans to secure a 26% free-carry stake in all new mining projects in the country. "Zimbabwe Mining Development seeks to protect assets from international debt dispute" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
