Sarama Resources (ASX:SRR) has confirmed its execution of a deal with a litigation funding firm in its stoush with Burkina Faso’s government.
The dual ASX and TSX listed miner will fund its lawsuit backed by support from Locke Capital II LLC, a specialised dispute resolution funder. The case is effectively backed on a no-win-no-fee system; finer details were left confidential.
Sarama will now take the government of Burkina Faso to the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), seeking full compensation.
In Sarama’s eyes, the government of Burkina Faso acted illegally when it revoked the company’s Tankoro 2 exploration permit; Tankoro 2 was a gold project with a multi-million ounce gold resource.
The permit was revoked in September 2023; the government of Burkina Faso was changed when a successful coup installed another leader a year prior. The country extended military rule in the country for another 5 years back in May of 2024.
It’s alleged the Burkina Faso mining minister described the permit as ‘up for sale’ at the Perth Africa Down Under conference in September 2023.
Specialised mining lawyers Boies Schiller Flexner (BSF), a UK-based dispute resolution firm, has been hired since last year to help progress the case.
All in all, Locke has chucked Sarama US$4.4M (A$6.6M).
SRR last traded at 3.4cps.
Join the discussion: See what HotCopper users are saying about Sarama Resources and be part of the conversations that move the markets.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。