First Quantum Minerals Ltd. (TSX:FM) is not leaving the Democratic Republic of Congo without a fight.
The Vancouver-based company added a third item to its list of legal actions on Friday by filing for international arbitration in Washington, D.C. against the African country for expropriation of permits and assets related to its Frontier and Comisa projects.
The move comes two weeks after the company filed a lawsuit against subsidiaries of London-based Eurasian Natural Resources Group (LSE:ENRC) for the expropriation of the Kolwezi project (See “First Quantum files lawsuit over Congo mine seizure ” – BIV Business Today, September 15).
First Quantum also has another arbitration before the International Chamber of Commerce in Paris in relation to the Kolwezi seizure.
This latest legal action comes before the International Centre for Settlement of Investment Disputes (ICSID), a World Bank institution with more than 140 member states that provides “facilities for conciliation and arbitration of international investment disputes.”
The DRC became a member-state of the ICSID in 1970.
First Quantum is contesting the validity of the DRC’s expropriation permits and wants the assets returned, plus damages as compensation for the losses.
“We will continue to drive this legal process to its conclusion,” said Clive Newall, First Quantum’s president. “We are determined to achieve a just outcome and to uphold the standards of good governance, not only for our shareholders, but also for the Congolese people.”