Global steel giant ArcelorMittal will pay Senegal $150 million in cash as damages for the settlement of the dispute regarding the failed iron ore mine deal in the country's southeastern Faleme region, according to media reports.
Senegal was seeking $750 million of damages from ArcelorMittal after the latter failed to keep its commitments. In 2013, Senegal cancelled the $2.2 billion iron ore deal signed with ArcelorMittal in 2007 due to long delays.