ENRC Sues Zamin to Repay $65 Million

Reuters reported that ENRC, a Kazakh mining firm, has sued Zamin, an Indian mining firm, for the repayment of a $65-million loan.

As quoted in the press release:

The latest filing in a British court comes after a Zamin subsidiary in June sued ENRC, a company owned by a trio of Kazakh billionaires and the Kazakh government. The lawsuit said ENRC failed to pay a final $220-million tranche of a $670-million purchase of the Brazilian iron-ore project.

In response, ENRC is now requesting repayment of $65-million it says was loaned to Ardila as part of the original sale of the Pedra de Ferro iron ore project in Brazil’s northeastern state of Bahia. ENRC says the loan was due on June 30.

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