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.
Panthera, a gold exploration company with assets in India, said that its subsidiary Indo Gold Pty Ltd had issued a notice of dispute to the Indian government over the latter’s breach of the 1999 Australia-India bilateral investment treaty.
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.
Clive Palmer’s controversial legal strategies challenge Australia’s trade agreements and environmental laws, and have profound implications for global climate action.
Australia is confronted with three multi-billion dollar investment treaty claims from a mining company, which serves as another illustration of how the international investment protection system poses a threat to an urgent and just energy transition.
Billionaire Clive Palmer is using the Investor-State Dispute Settlement mechanism against Australia because the permits for a coal mining project were refused for environmental reasons, including their contribution to increased carbon emissions.
Governments the world over are worried about investor-state dispute settlement (ISDS) rules. These allow foreign investors to sue them for billions over new laws or policies reducing their profits.
On 21 August 2023, ASEAN, Australia, and New Zealand brought several amendments, improvements and additions to their longstanding free trade agreement known as AANZFTA
Clive Palmer’s move to sue the government in a secretive international tribunal highlights the need to amend Australia’s trade policy to prevent claims that could hamper emissions reduction efforts.