{"id":270485,"date":"2024-12-25T13:03:41","date_gmt":"2024-12-25T13:03:41","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/25\/cassius-mining-files-277million-claim-against-ghana\/"},"modified":"2024-12-25T13:03:41","modified_gmt":"2024-12-25T13:03:41","slug":"cassius-mining-files-277million-claim-against-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/25\/cassius-mining-files-277million-claim-against-ghana\/","title":{"rendered":"Cassius Mining files $277million claim against Ghana"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Cassius Mining Ltd, an Australian gold mining company, has filed a $277 million (USD) claim against the government of Ghana, alleging breaches of contract and constitutional disputes surrounding its gold project in the Talensi district of the Upper East Region.<\/p>\n<p>The Sydney-headquartered company lodged its claim with the London Court of International Arbitration on December 23, 2024.<\/p>\n<p><strong>Allegations and damages\u00a0<\/strong><\/p>\n<p>Cassius Mining claims that Ghana\u2019s actions, including the non-renewal of its prospecting licence, deprived the company of the full value and potential profits of its gold project.<\/p>\n<p>\u201cGhana\u2019s actions, including its failure to renew Cassius\u2019 prospecting licence, has resulted in Cassius being deprived of the entire value and profits of its gold project in Ghana,\u201d the company said in a statement to the Australian Stock Exchange (ASX).<\/p>\n<div class=\"raxo-inside-article-2 adsinsert\">\n<aside class=\"moduletable \" aria-label=\"Ads-Inside-Content - 2 Responsive\"><\/aside>\n<\/div>\n<p><strong>Background of the dispute<\/strong><\/p>\n<p>Cassius entered into a two-year prospecting licence agreement with Ghana\u2019s outgoing government in 2016.<\/p>\n<p>However, in 2019, the Ghanaian government argued that the licence had not been ratified under the country\u2019s constitution, rendering it invalid.<\/p>\n<p>Legal battles ensued, and in 2023, the Ghanaian High Court placed an injunction preventing Cassius from pursuing international arbitration.<\/p>\n<p>This year, the court further ruled that Cassius could not pursue arbitration outside Ghana under the terms of the prospecting licence.<\/p>\n<p>It remains unclear how the court\u2019s rulings impact the current proceedings in London.<\/p>\n<p><strong>Cassius open to settlement\u00a0\u00a0<\/strong><\/p>\n<p>In a statement to the ASX, Cassius Managing Director David Chidlow expressed the company\u2019s readiness to resolve the dispute through arbitration or an earlier settlement.<\/p>\n<p>\u201cWe look forward to progressing the case and achieving a successful outcome for the benefit of shareholders and the company, whether that be at hearing or any earlier potential settlement,\u201d he said.<\/p>\n<p>Mr. Chidlow commended the efforts of the team involved in preparing the claim.<\/p>\n<p>\u201cThe independent experts, company\u2019s lawyers, key witnesses as well as the board have all worked tirelessly and effectively to complete the substantial task of filing the company\u2019s claim against Ghana over many months,\u201d he added.<\/p>\n<p>The Ghanaian government is expected to file a defence, including any supporting evidence and witness statements, in response to Cassius Mining\u2019s claim.<\/p>\n<p><strong>ALSO READ:<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cassius Mining Ltd, an Australian gold mining company, has filed a $277 million (USD) claim against the government of Ghana, alleging breaches of contract and constitutional disputes surrounding its gold project in the Talensi district of the Upper East Region. The Sydney-headquartered company lodged its claim with the London Court of International Arbitration on December [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":151611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-270485","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cassius Mining files $277million claim against Ghana - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/25\/cassius-mining-files-277million-claim-against-ghana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cassius Mining files $277million claim against Ghana - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Cassius Mining Ltd, an Australian gold mining company, has filed a $277 million (USD) claim against the government of Ghana, alleging breaches of contract and constitutional disputes surrounding its gold project in the Talensi district of the Upper East Region. 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