Montero confirms that US$7,000,000 in cash have been received by the Company from Tanzania, which is expected to put an end to the dispute in connection with Tanzania’s expropriation of Montero’s Wigu Hill rare earth element project.
Tanzania and British developer Pennyroyal Limited could find themselves back to the International Centre for Settlement of Investment Disputes (ICSID) after talks between the two parties failed to yield an agreement.
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.