ArcelorMittal: $150m to settle Senegal dispute

ArcelorMittal had agreed to pay Senegal $150 million (R1.6 billion) in damages to settle a dispute with the government over the failed Faleme iron ore mine deal, Senegal’s government spokesman said on Friday. Senegal had been seeking $750m in damages after winning a case at the International Chamber of Commerce’s arbitration court in Paris. The court ruled in September last year that Senegal was within its rights to cancel the 2007 deal due to long delays. ArcelorMittal declined to comment. – Reuters