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 and Nachingwea UK, Indiana is the manager of the JV Project and is responsible for all activities with regards to the arbitration.
Together NUK, NNHL and its subsidiary Nachingwea Nickel constitute the “Claimants”.
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The Company confirms that the United Republic of Tanzania has lodged its Counter-Memorial in response to the Claimants’ Memorial submitted in July 2021 that set out their claims with ICSID (The International Centre for Settlement of Investment Disputes), an organisation of the World Bank Group.
The Memorial contains the basis for compensation to the Claimants for US $93.7 million, that includes interest which continues to accrue.
Indiana’s Executive Chairman Bronwyn Barnes said:
“Now that we are in receipt of defence documents submitted by the United Republic of Tanzania, we will complete our review and prepare our response.
“We are extremely committed to pursuing our rights through International Arbitration and have confidence in the Arbitral process that is governed by ICSID. We remain supremely confident in our compensation claim of US $97.3 million for the illegal expropriation of the Ntaka Hill Nickel Project, an asset that would have tremendous value in the current market.”
Highlights
- ICSID Arbitration continues over Tanzania’s illegal expropriation of the Ntaka Hill Nickel Project
- Tanzania has now filed its Counter-Memorial in response to Claimants’ Memorial lodged in July 2021
- Indiana currently reviewing Counter-Memorial and underlying documentation to respond
- Claim for Compensation remains at US$ 93.7 million including interest, which continues to accrue
- Confirmed timetable for arbitration with conclusion scheduled for mid-2023
- All legal costs funded through US$ 4.65m litigation funding facility
- The Company remains highly confident of its Claim to Compensation and its ability to recover funds
