Business
Falcon Energy Materials Initiates US$100 Million Damages Claim Against Republic of Guinea
(TheNewswire)   Abu Dhabi, United Arab Emirates – TheNewswire - March 16, 202...
About this update from Falcon Energy Materials Plc
[{"type":"text","content":"Falcon Energy Materials Initiates US$100 Million Damages Claim Against Republic of Guinea \n(TheNewswire)\n \n\nAbu Dhabi, United Arab Emirates –\nTheNewswire - March 16, 2026 – Falcon Energy Materials plc (TSX-V: FLCN) (“Falcon” or the “Company”) announces\nthat it has formally commenced international arbitration proceedings\nover the illegal expropriation of the Lola Graphite Project (the\n“Project”) by the Republic of Guinea (“Guinea”) and other\nbreaches of the bilateral investment treaty between the Governments of\nthe United Arab Emirates and Guinea (“UAE-Guinea BIT”).\n\n\nThe Company lodged a Request for Arbitration\n(“RfA”) under the UAE-Guinea BIT with the International Centre\nfor Settlement of Investment Disputes (“ICSID”), part of\nthe World Bank. The RfA is filed in accordance with the Convention on\nthe Settlement of Investment Disputes between States and Nationals of\nOther States (the “ICSID\nConvention”). The RfA contains a description\nof the background to the dispute, a summary of the Company’s claims\nand an initial estimate of compensation for the damages sustained by\nthe Company resulting from the actions of the Government of Guinea,\ncurrently estimated at US$100 million.\n\n\nFalcon’s Chief Executive Officer\nMatthieu Bos said: “While\nwe regret that legal proceedings have become necessary, we are fully\nprepared to present our claim for compensation in arbitration,\nencompassing both the loss of the Company’s assets in Guinea and the\nadditional damages arising from the actions of the Government of\nGuinea. Following our recent capital raise, the Company has secured\nfull support from its shareholders to pursue this case as well as\nsufficient funding to cover all legal costs, and we remain confident\nthat shareholders’ interests are protected. We will continue to\nrefine our claims as part of the arbitration process while we keep our\nfocus firmly on the development of our Anode Plant in\nMorocco.”\n\n\nBackground to the Request for\nArbitration\n\n\nOn May 14, 2025, by virtue of a decree signed by its\nPresident, Guinea unilaterally revoked the exploitation license of the\nProject. The Company subsequently approached the Ministry ...