In the mining dispute between the State of Cameroon and Sundance Resources regarding the exploitation of the iron ore deposit at Mbalam-Nabeba, an arbitral tribunal of the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris, France, has ordered the country to pay nearly 350 billion CFA francs (over 600 million USD) to the Australian junior mining company. This information was revealed in a press release published on its website on July 24, 2026 by Burford Capital Limited (Burford), an international asset management and financial services company specializing in law.
In 2021, Sundance Resources and Burford Capital Limited entered into a litigation financing agreement through the subsidiary Burford Asia Investments. Under this agreement, Burford advances the legal costs of arbitration proceedings against Cameroon in exchange for a share of the compensation obtained in case of success.
The publicly listed group on the New York and London stock exchanges specifies that this decision could allow the beneficiary to receive 100.7 billion CFA francs (approximately 175 million USD). This claim is already recorded on Burford’s balance sheet and does not involve any of its investment funds.
This announcement comes as the dispute related to the Mbalam-Nabeba mining project, involving Sundance Resources and its subsidiary Cam Iron, continues to produce major legal and financial developments. As a result, the ICC in Paris had postponed its decision to the end of 2026.
However, Burford urges caution regarding the immediate impact of this arbitral decision. The group emphasizes that “the issuance of the arbitral award does not constitute a cash payment for Burford,” noting that “several steps remain to be taken before any potential effective recovery.”
The company highlights the numerous risks that could affect the financial outcome of the case. These include possible annulment or cassation proceedings of the award, enforcement actions in different jurisdictions, as well as negotiations that could lead to an amicable settlement.
Burford also stresses that “disputes are often settled for amounts significantly lower than the nominal value of an arbitral award or judgment.” The amount actually recovered could therefore be much lower than the 600 million USD awarded by the arbitral tribunal. The asset manager adds that its economic interest will also depend on the terms provided in its financing agreement, procedural costs, expenses incurred, tax obligations, and other applicable deductions.
By issuing this press release, Burford explains that it wanted to anticipate an expected public communication from its counterpart. The group specifies, however, that this action “should not be considered as a change in Burford’s general policy regarding public communication of specific information.”
For Cameroon, this award represents a new financial and legal challenge. Although its enforcement is not automatic, it could significantly increase the potential liabilities of the State in this mining case, which has become one of the largest international arbitrations involving the country. The further procedure will now depend on any possible appeals by the parties and the mechanisms for enforcing the award, the outcome of which remains uncertain.
