Burkina Faso's move to terminate manganese mine contract deemed valid by court

A Paris court has dismissed a $2.2 billion claim against Burkina Faso lodged by firms in businessman Frank Timis's Pan African Minerals Group in a dispute over one of the world's largest manganese mines, a government spokesman said on Thursday.

The arbitration court found that "the termination of the contract by Burkina was valid and justified in law," spokesman Remi Dandjinon said in a statement. "For the Burkinabe government, this is satisfactory because it allows us to regain control of the deposit." Pan African Minerals Group did not immediately respond to requests for comment.