Sarama Resources Ltd (ASX:SRR), a mineral exploration company focused on West Africa, has filed its written Memorial with the International Centre for Settlement of Investment Disputes (ICSID), detailing its claim against the Government of Burkina Faso (GoBF) for US$242 million, plus interest. The claim arises from the alleged unlawful expropriation of the company’s Tankoro 2 Exploration Permit. Sarama focuses on exploring and developing gold resources with significant landholdings in Burkina Faso, Liberia and Mali. Its ASX code is SRR.
The Memorial, filed on October 31, 2025, includes the company’s statement of case, witness evidence, and expert reports, supported by an independent valuation from Accuracy London. The company contends that the expropriation of the Tankoro 2 permit, which contained a multi-million-ounce gold resource, halted its Sanutura Project and significantly impacted shareholder value.
According to the announcement, the GoBF is required to file its Counter-Memorial by January 31, 2026. A case management conference is scheduled for February 17, 2026, to determine the final procedural timetable and set the date for the Procedural Hearing. Sarama is represented by Boies Schiller Flexner (UK) LLP, utilising a US$4.4 million non-recourse loan facility to cover legal and arbitration-related expenses.
Sarama’s Executive Chairman, Andrew Dinning, stated that the filing marks a significant milestone, providing a substantiated basis for the company’s claim for compensation. The company remains committed to pursuing a fair outcome through internationally recognised mechanisms to protect shareholder value following its investment of more than a decade of work and substantial capital in advancing the Sanutura Project.
