Proactive | 27 September 2023
Panthera to step up action against India after local court rejects claim
Panthera Resources PLC (AIM:PAT) said it intends to step up its legal claim against India over the Bhukia project after the High Court of Rajasthan rejected its motion based on legislation introduced in 2021.
A writ will now be pursued by Panthera for alleged breaches by India of the Bilateral Investment Treaty with Australia, the company said in a statement.
Mark Bolton, Panthera’s managing director, added: "The HCR relied upon the 2021 mining legislative amendments enacted by the Government of India to dismiss the writ petition.
“Today’s decision by the HCR adds to the act of expropriation, and India has again breached its obligations to provide investment protections to IGPL and its investment under the Treaty.
“Under the Treaty, compensation for expropriation is required to be calculated on the basis of the market value of the investment immediately before the expropriation.
“The company believes that the market value of Bhukia is substantial with the project ranking among the top undeveloped gold projects in the world."
The Bhukia Project comprises legal rights that the company holds via its Australian subsidiary, IGPL, in respect of an area that was the subject of a rejected Prospecting Licence Application in Rajasthan by MMI. MMI is a wholly-owned subsidiary of IGPL.
