Indiana Resources Limited (ASX: IDA) is pleased to confirm that US$25million in funds have been received by the Claimants’ legal representatives from the United
Republic of Tanzania as the second instalment of the US$90 million Settlement
In its claim, Aqua Power is demanding $500 million for lost business revenue over the past four years and for the value of its current projects within Tanzania.
Indiana Resources is closer to recovering its historical sunk investment for the unlawful expropriation of the Ntaka Hill nickel sulphide project after the ICSID struck out most of Tanzania’s grounds for requesting the annulment of the award.
Tanzania has made a commitment to pay Australian mining firm Indiana Resources Limited and its subsidiaries $118 million if the country loses in the final decision of the annulment application.
Canadian gold explorer Winshear Gold (TSXV: WINS) has ended a longstanding dispute with the Tanzanian government in regards to the company’s licences for the SMP project.
Another Canadian mining company, Montero Mining & Exploration has confirmed a date for the hearing of an investment dispute where it is claiming a Sh168 billion (C$90m) compensation against the United Republic of Tanzania.