Tunisia's highest court, the Court of Cassation, rejected the appeal from Tunisian Mining Services challenging the orders of the Court of Appeal in favor of Celamin Holdings Ltd. in a dispute over the Chaketma phosphate project.
In early April, Tunisia's Court of Appeal ordered Tunisian Mining Services to comply with an arbitral award asking it to return a 51% stake in Chaketma Phosphates SAC Tunisia to Celamin and pay about US$4 million in damages after a fraudulent transfer of Celamin shares.
Celamin said Sept. 23 that Tunisian Mining Services has no other legal challenges available, and it owes about US$4.4 million to the company in accrued damages, in addition to the return of the 51% interest in Chaketma.
Celamin Managing Director Simon Eley said the company is looking forward to "getting back on the ground" in Tunisia.
