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.