PERTH (miningweekly.com) – ASX-listed Indiana Resources on Thursday said that the Ntaka Hill joint venture (JV) partners had now issued a letter of demand for $113.6-million to the Tanzanian government, following a verdict by the International Centre for Settlement of Investment Disputes (ICSID) earlier this week.
The ICSID earlier this week closed arbitration proceedings between Indiana Resources, its JV partners Ntaka Nickel Holdings, Nachingwea UK and Nachingwea Nickel, and the Tanzanian government, with a tribunal unanimously finding that the government of Tanzania in 2018 breached the UK-Tanzania Bilateral Investment Treaty by the “unlawful expropriation” of the Ntaka Hill retention licence.
“With arbitration proceedings closed, and a unanimous decision from the ICSID Arbitral Tribunal that compensation was due to the Claimants for the unlawful expropriation of the Ntaka Hill Nickel project, we are now moving to demand payment by Tanzania of the amounts owed to the claimants as outlined in the Award. We look forward to Tanzania honouring its obligations under the BIT in line with its standing in the international community,” said Indiana chairperson Bronwyn Barnes.