Indiana Resources has provided an update on arbitration with the United Republic of Tanzania over the expropriation of the Ntaka Hill Nickel Project and other breaches of the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United Republic of Tanzania for the Promotion and Protection of Investments.
As the majority shareholder in Ntaka Nickel Holdings and Nachingwea UK Indiana is the manager of the Joint Venture Project and is responsible for all activities with regards to the arbitration.
The Company is pleased to advise that NUK, NNHL and its subsidiary Nachingwea Nickel have now filed their Memorial, a submission setting out its claims with ICSID, an organisation that is part of the World Bank Group.
The Memorial contains the basis for compensation to the Claimants for AU$127 million, that includes interest which continues to accrue. The Claimants retained Travis Taylor of Versant Partners, London, as its quantum expert to quantify the claim. LALIVE is representing the Claimants in the arbitration process. A litigation funding facility for US$4,653,400 is in place with Litigation Capital Management AIM of the London Stock Exchange. The arbitration case is heard by a 3-person tribunal and is expected to conclude in H1,2023.
Indiana’s Executive Chairman Bronwyn Barnes said:
“Indiana continues to make positive progress in regard to arbitration with the Government of Tanzania. As the manager and major shareholder of the Ntaka Hill Nickel Project establishing AU$127 million as compensation for Tanzania’s expropriation of what was once our flagship project is a very important milestone.
With litigation funding in place that secures all our legal costs associated with arbitration, Indiana is adequately resourced and well supported to deliver a positive outcome for our shareholders, and we look forward to reporting on further developments in due course.”