Economics

ArcelorMittal loses arbitration case against Senegal

The Senegalese government has won an initial ruling in an international arbitration case concerning an iron mining project in the southeast of the country, steel giant ArcelorMittal said on Wednesday.

11.09.2013

(AFP) The Senegalese government has won an initial ruling in an international arbitration case concerning an iron mining project in the southeast of the country, steel giant ArcelorMittal said on Wednesday.

"The arbitral tribunal has now issued its first award and decided that Senegal is entitled to terminate the 2007 agreements" but the question of possible damages has yet to be considered, ArcelorMittal said of the ruling by the Paris-based Court of Arbitration of the International Chamber of Commerce.