trending Market Intelligence /marketintelligence/en/news-insights/trending/d1MRQ9SWARZxKi3PoOhCtw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Zimbabwean state miner faces US$65.9M in asset seizures after failed appeal

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Zimbabwean state miner faces US$65.9M in asset seizures after failed appeal

State-owned Zimbabwe Mining Development Corp. is facing asset seizures after a failed appeal against a 2014 arbitration ruling over the cancellation of nickel and platinum joint ventures with British Virgin Islands-based Amari Holdings Ltd., Bloomberg News reported Dec. 18.

Amari won the right to seize the miner's assets worth US$65.9 million as compensation for the revocation of the 2007 and 2008 deals, which Zimbabwe claimed were not approved by the state miner's officials and the country's mines minister, according to the report.

The International Court of Arbitration issued the decision following a hearing in Lusaka, Zambia, the news agency said.

Ian Small-Smith, a lawyer acting for Amari, said in the report that the company intends to seize assets owned by the state miner and the sovereign and may target the country's diamond and tobacco shipments.

Amari claimed it was approached by Nigerian billionaire Benedict Peters, who was granted the platinum prospect initially held by the company, for a settlement, the report said. A representative from Peters' Bravura Holdings Ltd. denied this.

Zimbabwean Secretary for Mines Mazai Moyo was quoted as saying that the ministry is aware of the development and that the issue is under control through "a number of stakeholder engagement processes."