Diamond Fields International Ltd. (TSX-V:DFI) announces that it has invoked binding arbitration to resolve a dispute with its Red Sea Joint Venture Partner, Manafa International Commerce Company of Saudi Arabia over Manafa’s compliance with its obligations under the Joint Venture Agreement.
Manafa has purportedly cancelled the Agreement alleging failure by DFI to perform. DFI has responded that it has performed and that Manafa has failed to meet its obligations to DFI and the Joint Venture under the Agreement. DFI has invoked binding arbitration pursuant to the Agreement. Arbitration is to be pursuant to the rules of arbitration of the International Centre for Dispute Resolution (“ICDR”) before a single arbitrator. DFI has, however, informed Manafa that it is prepared to attempt to resolve the dispute amicably without the need for binding arbitration.
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