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Sundance and Congo Iron v. Congo, Claimant's Press Release, September 30, 2024

30 Sep 2024
Sundance Resources Limited and Congo Iron SA v. Republic of Congo, ICC Case No. 26145/DDA/AZO (C-26344/AZO)
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Claimant's Press Release
Document Details:
LISTED PARTICIPANTS
Claimant's Press Release
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Respondent appointee
Tribunal/Panel chair
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Claimant's counsel
Claimant's law firm
Respondent's counsel
Respondent's law firm
Other counsel
Claimant's expert
Claimant's expert firm
Respondent's expert
Respondent's expert firm
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Third-party funder
Entities
Sundance Resources Limited, Congo Iron SA, Congo
Country
Print reporter
Document Summary
Claimant's Press Release
This summary note is machine-generated. Always consult the original materials.

This document is a public market update issued by Sundance Resources Ltd on 30 September 2024, detailing the procedural status of its ongoing arbitration proceedings against the Republic of Congo before the International Chamber of Commerce (ICC).

The update addresses the conditional settlement agreement executed on 1 July 2024 between Sundance, Congo Iron SA, and the Republic of Congo. The settlement was intended to resolve the dispute pending before the ICC, contingent upon the receipt of specified settlement funds by the end of September 2024. The document notes that the required funds have not yet been disbursed by the Respondent State.

Following consultations between the parties, the deadline for the conditional settlement has been extended to 31 October 2024, based on demonstrated progress by the Respondent in securing the necessary funds. The update confirms the procedural implications of this extension: should the funds be disbursed in full by the revised deadline, the ICC arbitration will be formally terminated. Conversely, if the Respondent fails to remit the agreed quantum, the arbitration will proceed without interruption, with the merits hearing scheduled to commence on 12 November 2024. The document further notes that any proceeds recovered will be allocated to satisfy obligations to the Claimant's litigation funder and secured noteholders.