Mineral sands mining company Astron Corp. Ltd. said Wednesday that The Gambia will attempt to overturn a nearly $23 million (D897, 000 000) award favoring the company in a spat over its revoked license and expropriated mining assets.
Astron, which held a mining license in the Gambia through its subsidiary Carnegie Minerals (Gambia) Ltd., claimed the country has moved to annul the award at the International Centre for Settlement of Investment Disputes.
A part of the press release published on the website of astron, reads:
“Astron receives notice of application for annulment by The Gambia Astron Corporation Limited (ASX:ATR) (“Astron”) refers to its previous announcement of 23 July 2015 in which it was announced that the International Centre for Settlement of Investment Disputes (“ICSID”) had determined the award including damages in favour of Astron/Carnegie in Astron’s claim against The Gambia.
“Astron has now been notified that The Gambia has submitted an application for annulment to ICSID, on the grounds of the constitution of the arbitral tribunal, and arguments about admissibility and jurisdiction.
“An application for annulment is the only form of action open to The Gambia under the ICSID rules, as there is no form of appeal process. In due course ICSID will appoint a panel of 3 arbitrators to form a committee to determine whether the Award should be annulled in whole or in part.
“Astron has not yet been provided the properly particularised grounds for the application from The Gambia; however Astron anticipates that this application will be strenuously opposed.”
However, no official information has been received yet from the Gambian authorities regarding the said annulment or otherwise. The Gambia’s request was filed in mid-November, according to ICSID.