Three companies belonging to Romanian investor Frank Timis, which he controls via Pan African Minerals Group, have asked for damages of USD 385 million from the African state Burkina Faso, reports Reuters.

The companies accuse the state of having blocked the development and operation of one of the largest manganese mines in the world.

Frank Timis may also claim to be compensated for the profit that he hasn’t been able to make due to the actions of the Burkinabe Government, the total could reach more than USD 4 billion, namely over a third of the country’s GDP.

Burkina Faso’s GDP amounts to USD 11.1 billion according to the World Bank. Considering that the revenues of the African government amount to 18-20% of the GDP, Burkina Faso may have to pay Frank Timis its budget for two years, if it loses the lawsuit.

The complaints of the Romanian investor refer to a dispute related to the Tambao deposit in the north-east of Burkina Faso. In June 2012, Pan African Burkina Limited (PAB), one of the companies controlled by Timis, acquired the rights to exploit Tambao. According to Reuters, the company claims to have invested over USD 100 million so far. However, the Government in Burkina Faso suspended the company’s export license in January 2015.

editor@romania-insider.com