International Arbitration Newsletter - July 2021 | Regional Overview: Middle East and Africa
New investor threats Congo with mining claim
UK company Midus Holdings and its subsidiary, Congo Mining, have started a three-month “cooling-off period” after presenting a notice of intent to Congo regarding the Mayoko-Moussondji Iron Ore Project.The notice of intent, issued under the UK-Congo bilateral investment treaty, derives from the withdrawal of Congo´s Mining permit by Congo at the end of June 2021 due to alleged violations of the permit.The investors allege that the country´s withdrawal of the permit violates the equitable and fair treatment imposed by the UK-Congo BIT, as well as the expropriation prohibition.
source: https://www.lexology.com/library/detail.aspx?g=faf2caeb-6a4f-4106-8562-c74e59c4c898
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