Celamin Holdings Limited (ASX Code CNL) is an ASX listed company focused on the exploration and development of resource projects in North Africa initially in Tunisia.

The Company’s immediate focus is the Chaketma Phosphate project held in partnership by Celamin to own 51% and local company Tunisian Mining Services SA (TMS) to own 49%.

Arbitration Success for Celamin

A final arbitration award (Final Award) has been delivered in relation to Celamin’s dispute with TMS in relation to the fraudulent transfer to TMS of Celamin’s 51% shareholding in Chaketma Phosphates SA (CPSA), the operating company which holds the Chaketma Phosphates Permit and the world-class Chaketma Phosphate Project in the Kasserine region, central-western Tunisia.

The Arbitrator has found in favour of Celamin Limited ordering TMS to return Celamin Limited’s 51% shareholding in CPSA and to pay damages and costs in excess of US$4 million.

Since March 2015, Celamin has been deprived of its interests in CPSA and the Chaketma Phosphate Project due to the illegal actions of TMS in transferring all of Celamin’s shares in CPSA out of Celamin’s name and into their own claiming that Celamin had defaulted on payment of a cash call. The Final Award confirms that there was no default by Celamin and that the transfer of its shares was illegal.

Martin Broome, Chairman of Celamin Holdings commented: ‘It is disappointing that our Tunisian partner, Taoufik Mansouri and his company Tunisian Mining Services, which has not contributed financially to the Chaketma project over the 5 years of its operation, sought to profiteer on the back of an international investor such as ourselves. To date, Celamin has spent US$8.6m on the Chaketma project, as its exclusive funder, and TMS has spent nothing. More than 50% of that expenditure has been paid to TMS as the main service provider, using equipment that Celamin lent TMS money to purchase. Celamin looks forward to recovering its shareholding and will pursue its rights to the full extent of the law.’