Jones Day and Fasken Martineau have taken lead roles on Eurasian Natural Resources Corporation's (ENRC) $1.25bn (£1bn) settlement with First Quantum Minerals in the dispute over the Kolwezi copper mine in the Democratic Republic of Congo (DRC).

The dispute, which concerns Canadian mining company First Quantum's stake in the Kolwezi project, kicked off after the mine was seized from First Quantum by the DRC Government in 2009. ENRC subsequently purchased a majority stake in the mine in 2010, prompting its former owner to launch litigation proceedings.

ENRC has now paid a $750m (£629m) cash settlement to First Quantum for the assets, with a further $500m (£419m) deferred in the form of a three-year promissory note.

Jones Day took the lead role for longstanding client ENRC, fielding a London-based team under corporate partners Vica Irani and Rhys Phelps, who worked alongside litigation partner Lee Coffey, restructuring partner Sion Richards and banking partner David Fricker, as well as energy partners Denis Bandet and Etienne Dinner in Paris.

Canada's Fasken Martineau advised First Quantum, fielding a Toronto-based team led by global head of mining John Turner and corporate partner Daniel Batista. The dispute had been expected to go to trial after a court upheld First Quantum's $2bn (£1.7bn) damages claim in September last year.

London-listed ENRC is hoping that the deal will close a tumultuous chapter after the controversial acquisition was followed by internal disagreements and the exits of several directors, as well as company secretary and general counsel Randal Barker.