Summary

AWARD

Tribunal
Prof. Gabrielle Kaufmann-Kohler (Presiding Arbitrator)
Mr. William Kirtley
Prof. Donald McRae

TABLE OF CONTENTS

TABLE OF ABBREVIATIONS
I. INTRODUCTION
A. THE PARTIES
The Claimant
The Respondent
B. THE TRIBUNAL
II. FACTUAL BACKGROUND
A. MINERALOGY (1985-PRESENT)
B. THE STATE AGREEMENT (2002-PRESENT)
C. PROJECTS/PROPOSALS UNDER THE STATE AGREEMENT (2006-2023)
The Sino Iron and Korean Steel Projects and ensuing dispute (2006-2023)
Balmoral South Iron Ore Project Proposal and ensuing dispute (2012-2020)
(i) The First Award
(ii) The Second Award
(iii) The 2020 Arbitration
D. THE MINERALOGY GROUP'S RESTRUCTURE (2018-2019)
E. MIL AND ZEPH INVOKE INVESTMENT TREATY PROTECTION (2019)
F. ZEPH'S ACTIVITIES IN SINGAPORE (2019-2022)
G. THE AMENDMENT ACT (2020)
PROCEDURAL HISTORY
A. COMMENCEMENT OF PROCEEDINGS AND CONSTITUTION OF THE TRIBUNAL
B. INTERIM MEASURES
C. TRANSPARENCY, COORDINATION, AND JOINT INTERPRETATION
D. WRITTEN PHASE AND DOCUMENT PRODUCTION
E. ORAL PHASE
F. POST-HEARING PHASE
PRAYERS FOR RELIEF
PRELIMINARY MATTERS
A. SCOPE OF THE AWARD
B. LEGAL FRAMEWORK
Law governing jurisdiction
Law governing the procedure
Relevance of Previous Awards
C. JOINT INTERPRETATION
D. PUBLICATION
DISCUSSION
A. OBJECTIONS 1 AND 2 - NO INVESTOR / NO INVESTMENT
Overview of the Parties' positions
(i) The Respondent
(ii) The Claimant
Analysis
(i) Whether Chapter 11 required Zeph to make a contribution
(a) The definition of "investment"
(b) The definition of "investor"
(ii) Whether Zeph made a contribution
(a) Contribution by acquiring Mineralogy's shares through the provision of Zeph's shares
(b) Contribution by managing Mineralogy
(c) Contribution by reinvesting returns in Mineralogy
(d) Conclusion
B. ESTOPPEL, ACQUIESCENCE, AND RELATED DOCTRINES
Overview of the Parties' positions
(i) The Claimant
(ii) The Respondent
Analysis
COSTS
A. LEGAL FRAMEWORK
B. FEES AND COSTS INCURRED
C. COST ALLOCATION
DECISION

I. INTRODUCTION

1. This case concerns a dispute under Chapter 11 of the Agreement Establishing the ASEAN- Australia-New Zealand Free Trade Area (the "AANZFTA", or "Treaty"), signed on 27 February 2009, with respect to an iron ore project located in the Pilbara region of Western Australia ("WA"), one of the constituent states of the Commonwealth of Australia ("Australia").

The Republic of Singapore ("Singapore") is a State party to the Association of Southeast Asian Nations ("ASEAN"), and is thus a Treaty Party to the AANZFTA together with Australia.

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VIII. DECISION

220. For the foregoing reasons, the Tribunal:

i. Declines jurisdiction;

ii. Fixes the costs of the proceedings at EUR 835,048.25;

iii. Orders the Claimant to reimburse to the Respondent the latter's share of the advance on costs of the proceedings in the amount of EUR 417,524.12; and

iv. Orders the Claimant to pay to the Respondent the latter's legal representation and other costs in the amount of AUD 12,903,184.10, with interest at 4.35% per annum, compounded quarterly, commencing 30 days after the date of this Award until payment in full.

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