Indiana Resources (ASX: IDA) announced Tuesday that its dispute with the United Republic of Tanzania, which was the subject of arbitration through the International Centre for Settlement of Investment Disputes, part of the World Bank, has been settled, with $109.5 million awarded to the company.
The Tribunal delivered the award on July 14 and unanimously found that Tanzania had unlawfully expropriated the Ntaka Hill nickel project on January 10, 2018 in breach of the UK-Tanzania Bilateral Investment Treaty.
In April 2015, Tanzania issued a retention licence for the project, covering the same area as the Ntaka Hill prospecting licence, for a period of 5 years. In July 2017, the government of Tanzania amended the Mining Act 2010 by, inter alia, abolishing the legislative basis for the “retention licence” classification with “no replacement” classification.
In January 2018, Tanzania published the Mining (Mineral Rights) Regulations 2018, which made it clear that all retention licences no longer existed and that the underlying rights over all areas under retention licences, including the one held for the project, reverted to the government of Tanzania.
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