DAKAR (Reuters) - Arcelormittal has agreed to pay Senegal $150 million in cash as damages to settle a dispute with the West African nation over the failed Faleme mine deal, Senegal's government spokesman said on Friday.
Senegal had been seeking $750 million in damages after winning a case at the International Chamber of Commerce's arbitration court in Paris. The court ruled in September that Senegal was within its rights to cancel the 2007 deal due to long delays.
Abdoul Latif Coulibaly, Senegal's minister for good governance and government spokesman, told Reuters that the company had agreed to settle the claim after negotiations. He said ArcelorMittal would also hand over the equivalent of $50 million worth of research on the site to its next operator.
A spokeswoman for ArcelorMittal in London declined to comment.