Ghana risks paying judgement debt to Cassius Mining Limited ASX Code: CMD

Cassius Mining Limited (ASX Code: CMD)has announced that its Ghanaian subsidiary Cassius Mining Limited has commenced the International Arbitration process against the Government of Ghana by serving a Notice of Arbitration dated 3 February 2023 on Ghana. The Company is claiming damages over USD 275,000,000 as a consequence of Ghana’s breaches of the Large-Scale Prospecting Licence Agreement entered into with the Company in the Upper East Region, gold-rich -Talensi District. Cassius has proposed that the Permanent Court of Arbitration at The Hague serves as the case administrator and appointing authority. The Company has engaged Quinn Emanuel Urquhart & Sullivan to act on its behalf in the arbitral proceedings. The Chairman of Cassius, James Arkoudis in a comment stated thus: “I look forward to the hearing of the arbitration against the Government of Ghana. After the extensive preparations that we have made, together with our legal team, we are confident of a successful resolution in the Company’s favour.” Ghana has thirty days upon receipt to respond to the United Nations Commission on International Trade Law rules. In the ordinary course of such matters, a Tribunal is then constituted, followed by the exchange of pleadings and witness statements from lay and expert witnesses as the matter progresses to hearing. twenty-four Currently, matters of a similar kind (unless settled by earlier agreement) will be heard for about eighteen (18) to twenty four (24) months after commencement.