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Tunisia's highest court upholds Court of Appeal decision in favor of Celamin

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.