African Rainbow Minerals (ARM) has seen its share price drop 13% since late October as the company faces a $195 million (about R3.5 billion) anti-compete claim in Tanzania.
The company has lost nearly a third of its value since July, with the latest drop coming after news of the court case in Tanzania, where Pula Graphite is seeking compensation for what it says is a breach of a non-disclosure and non-compete agreement.
The size of the claim is roughly equivalent to the drop in ARM's market cap.
The case was brought by the Tanzanian company and its Delaware-based parent company Pula Group.
It was launched late last year, and a ruling is expected in February next year.
The case has inflamed discussions of resource nationalism in Tanzania, where the overwhelming majority of mines are owned and run by foreigners.
Pula Graphite is a Tanzanian-registered company with substantial local shareholding.
The respondents are Patrice Motsepe and the companies in which he is involved: ARM, African Rainbow Capital and Arch Sustainable Resource GPCo.
This story is from the November 22, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 22, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Plenty on the line in Tests
With so much on the line in the Test series starting on Thursday, the Proteas can be forgiven for losing to Pakistan in the ODI series last week, but only if they deliver in the five-day campaign.
BUCS TO BOUNCE BACK?
PREMIERSHIP: RIVEIRO LOOKS TO PIRATES TO GET BACK TO WINNING WAYS
'Beaten Proteas can fight for title'
Despite falling in a 3-0 defeat to Pakistan in their ODI series which concluded on Sunday, Proteas white-ball coach Rob Walter remains confident his squad can put up a fight for the title at next year's Champions Trophy tournament.
'Joshua bout only fight left for Fury'
Tyson Fury has been told the \"only fight\" left for him after his points decision defeat in a world heavyweight boxing title bout with champion Oleksandr Usyk is an all-British clash against Anthony Joshua.
Sharks brace for Stormers
Sharks head coach John Plumtree (above) said the Stormers will target the same three areas the Bulls did in their United Rugby Championship (URC) game at Cape Town Stadium on Saturday.
Jacobs gets Black Caps call-up
Hard-hitting New Zealand batsman Bevon Jacobs earned a maiden call-up yesterday for their T20 series against Sri Lanka, which marks the start of Mitchell Santner's tenure as white-ball captain.
Coach change was a subtle one
LUNGA: COMMUNICATION THE KEY WHEN THIS HAPPENS
Amorim: Utd we 'nervous'
Manchester - Manchester United crashed to a humiliating 3-0 home defeat to Bournemouth on Sunday as Ruben Amorim (above) admitted his \"nervous\" team would have to \"suffer\" before they can get back on track.
Enzo happy despite losing ground
Liverpool manager Enzo Maresca insisted he was \"absolutely happy\" despite his side losing ground in the Premier League title race following a goalless draw away to Everton on Sunday.
Liverpool need to keep pushing
SLOT: TABLE-TOPPING REDS MUST KEEP FOOT ON THE GAS