First Quantum told to pay DRC court US$6 million

Finance

Publishing Date: 02 Nov 2009 2:51pm GMT
Author: Mining Journal

First Quantum Minerals Ltd has been ordered to pay US$6 million in damages to the government of the Democratic Republic of the Congo. This follows the company's decision to file three civil law suits in the DRC.

The Congolese court ruled on Friday that the government was within its rights to cancel First Quantum's licence for its Kolwezi copper and cobalt project in August. The company had previously attempted to cancel the court appeal in favour of international arbitration, but under Congolese law both parties must agree to cancel a case.

First Quantum instead filed the suits against the government.

(November 2)