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Equatorial Resources Limited ( (AU:EQX) ) has shared an update.
Equatorial Resources has filed post-hearing submissions in its ongoing arbitration against the Republic of Congo at the International Centre for Settlement of Investment Disputes in Washington, D.C. The case concerns alleged unlawful measures affecting its Badondo and Mayoko-Moussondji iron ore investments, with EEPL claiming damages of between US$395 million and US$1.25 billion, plus substantial interest and costs.
Following these filings, Boies Schiller Flexner has been appointed to lead any annulment and enforcement phases, replacing Clifford Chance after a dispute over unbilled fees of A$3.1 million that Equatorial intends to contest. The company expects the arbitral tribunal’s final award, for which no fixed date is set, could be issued in about 12 months, potentially having a material impact on its financial position and its long-running investment dispute with Congo.
More about Equatorial Resources Limited
Equatorial Resources Limited is an Australian-listed resources company focused on iron ore assets in the Republic of Congo. Through its Mauritian subsidiary EEPL Holdings, the company has invested in the Badondo and Mayoko-Moussondji iron ore projects, positioning itself within the Central African iron ore sector.
Average Trading Volume: 123,655
Technical Sentiment Signal: Hold
Current Market Cap: A$24.97M
For a thorough assessment of EQX stock, go to TipRanks’ Stock Analysis page.