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TUNISIA : Celamin tries to torpedo Chaketma's AGM

Australia’s Celamin Ltd lost the latest round in the legal battle pitting it against Tunisian Mining Services (TMS) concerning Chaketma Phosphates SA joint venture. According to TMS’ chairman, Tunisian businessman Taoufik Mansouri, a court in Tunis rejected a request by the Australian firm on June 1 to cancel CPSA’s general assembly that was to be held the following day. The court ruled Celamin didn’t have the right to interfere in CPSA’s business because it was now a third party in the joint venture. That finding also confirmed that Celamin’s share in CPSA would be transferred to TMS, thus underscoring the Australian firm’s exclusion from the joint venture.

Nic Clift, CEO of Celamin Holdings NL, the parent company of Celamin Ltd, told Africa Mining Intelligence he would continue the fight to recover his stake even though TMS considers that it was lost in February. At the time, Celamin reportedly failed to meet a cash call (AMI 342), a default that allowed TMS to acquire its share. Celamin, which denies any payment default (AMI 343), claims the court finding was “an interim procedure” and that legal action to cancel the transfer was still in play. He added that Celamin had lodged a criminal complaint against CPA’s boss, the TMS company and a stock broker for “fraudulent and pre-meditated seizure of ownership and control” of CPSA.

Celamin’s CEO said he was particularly concerned because TMS had “not contributed to the Chaketma project over five years” and “had spent” nothing on it.