Equatorial Resources (ASX:EQX) said the final hearing in its international arbitration against the Republic of Congo at the International Center for Settlement of Investment Disputes, was postponed, according to a Monday Australian bourse filing.
The postponement came after a request was made to the ICSID arbitral tribunal by the counsel representing Congo saying that Congo had not paid any of the expenses of the hearing including the payment of their counsel.
The counsel representing Congo advised they would not be attending the final hearing for that reason.
The hearing was set to take place in Paris from 10 March to 14 March. The tribunal proposed that the rescheduled final hearing could take place in August or November.
Equatorial, through its Mauritian subsidiary, EEPL Holdings, referred its investment dispute with Congo regarding EEPL's investments in two iron ore projects in Congo, the Badondo project and the Mayoko-Moussondji project, to arbitration in 2021.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.