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Sarama Resources Issues Notice of Intent to Submit Claims to Arbitration
VANCOUVER, BC / PERTH, AUSTRALIA / ACCESSWIRE / November 30, 2023 / Sarama Resources Ltd. (" Sar...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Issues Notice of Intent to Submit Claims to ArbitrationVANCOUVER, BC / PERTH, AUSTRALIA / ACCESSWIRE / November 30, 2023 / Sarama Resources Ltd. (\"Sarama\" or the \"Company\") (TSX-V:SWA)(ASX:SRR) advises that it has formally notified the Government of Burkina Faso (the \"Government\") of the existence of an investment dispute between the Company and Burkina Faso in relation to the Government's withdrawal of the Company's rights to the Tankoro 2 Exploration Permit (the \"Tankoro 2 Permit\") (refer to news release dated 5 September 2023).Notice of Intent to Submit ClaimsOn 29 November 2023 the Company delivered to the Minister of Energy, Mines and Quarries of Burkina Faso (the \"Minister\"), a Notice of Intent to Submit Claims to Arbitration (\"Notice of Intent\") under the Agreement between the Government of Canada and the Government of Burkina Faso for the Promotion and Protection of Investments (the \"BIT\").The dispute arises out of certain acts and omissions of the Government in breach of the BIT and international law, relating to Sarama's investment in the Sanutura Project (the \"Project\") located in Burkina Faso.Permitting History of the Tankoro 2 Exploration PropertySarama commenced exploration activities on the Project in 2010, conducting its initial activities on the Tankoro Exploration Permit (the \"Original Permit\"). The Original Permit was granted in November 2008 and the Company acquired, by commercial agreement, the rights to the Original Permit in January 2011. The Original Permit was subject to statutory renewals in 2011 and 2014, followed by an exceptional renewal in 2017. The Original Permit expired in December 2020, after which time it underwent a full re-issue process. On 24 November 2021 the Minister granted Sarama the Tankoro 2 Permit, which substantially covered the same area as the Original Permit and invited the Company to pay the grant fee. The Company paid the grant fee within the requisite timeframe and was issued a receipt for payment. The Company expected to receive the arrêté (or title certificate) from the Minister in due course, as was customary following payment of the grant fees.Origin of DisputeOn 31 August 2023, the Company received notification (the \"Notification\") from the Minister that the Company's application for the Tankoro 2 Permit, received in August 20...