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Celamin: Arbitrator appointed over Chaketma phosphate project ownership dispute

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Celamin: Arbitrator appointed over Chaketma phosphate project ownership dispute

Celamin HoldingsNL said April 14 that the International Court of Arbitration of theInternational Chamber of Commerce, or ICC, has appointed a sole arbitrator to determinethe dispute with joint venture partner TunisianMining Services, or TMS, over control of Chaketma Phosphates SAC Tunisia, or CPSA.

Company unit Celamin Ltd., which owns the stake in CSPA, appliedin mid-April 2015 for the reversalof a share transfer against the director general of CPSA, Tunisian Mining, as wellas executive Kais Mansouri.

Celamin had claimed that the director general of CPSA, withoutthe knowledge of Celamin and without any authority from the board of CPSA, transferredCelamin's shares in the joint venture to Tunisian Mining on the basis of an allegeddefault over a US$2 million cash call.

According to the statement, TMS and CPSA have challenged thejurisdiction of the ICC to hear the dispute.

The sole arbitrator made interim orders preserving the statusquo until the dispute is finally determined. The interim orders were to preventthe disposal of CPSA's shares and assets.

However, TMS did not comply with the orders and filed an applicationfor their reversal, Celamin said.

The company added that penalties will apply on TMS if it continuesto ignore the interim measures.

Celamin Holdings holds a 51% interest, while TMS holds a 49%interest in the Chaketmaphosphate project in Tunisia.