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Celamin wins arbitration over control of Chaketma Phosphates JV

Celamin Holdings NL said the International Court of Arbitration of the International Chamber of Commerce ruled in its favor over the dispute with joint venture partner Tunisian Mining Services over control of Chaketma Phosphates SAC Tunisia.

In the ruling, the company's Celamin Ltd. unit, which owns the joint venture stake in Chaketma Phosphates SAC Tunisia, or CPSA, was awarded the reversal of a share transfer of its 51% stake. In addition, Tunisian Mining Services must pay more than US$4 million in damages.

Celamin Ltd. claimed in mid-2015 that the director general of CPSA, without the knowledge of Celamin and without any authority from the board of CPSA, transferred Celamin Ltd.'s shares in the joint venture to Tunisian Mining Services, on the basis of an alleged default over a US$2 million cash call.