Equatorial Resources (ASX:EQX) said the postponed final hearing in the arbitration brought by Equatorial's Mauritian subsidiary, EEPL Holdings, against the Republic of Congo at the International Centre for Settlement of Investment Disputes in the US has been confirmed to take place from Nov. 7 to Nov. 12, according to a Wednesday Australian bourse filing.
The arbitral tribunal ordered Congo to pay EEPL AU$1.2 million, reflecting costs incurred as a result of the last-minute postponement of the final hearing.
Congo is required to pay the costs to EEPL by July 13, following which interest will accrue at a rate of 5.1% per annum.
The tribunal also has ordered the holding of two pre-hearing arbitration case management conferences in September and October.
The dispute came about as a result of measures taken by Congo against EEPL's investments in two iron ore projects in the country, the Badondo iron ore project and the Mayoko-Moussondji iron ore project.
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