Sarama Resources Initiates Arbitration Against Burkina Faso

Sarama Resources Ltd., based in Vancouver and Perth, has officially initiated arbitration proceedings against Burkina Faso. The dispute centers around the expropriation of Sarama's Sanutura Project. The company is pursuing compensation for losses estimated at no less than A$180 million. To bolster its claim, Sarama plans to appoint a quantum expert to assess damages professionally.

The arbitration is filed with the International Centre for Investment Disputes (ICSID), under the World Bank Group, following a non-recourse litigation funding facility of A$6.7 million. Despite prior attempts for amicable resolution, Burkina Faso did not respond, prompting Sarama's legal action.

Represented by Boies Schiller Flexner (UK) LLP, known for their expertise in international investment disputes, Sarama aims to resolve the matter within ICSID's legal framework. This follows successful claims by other companies in similar disputes.