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Indiana Resources Limited has reached a settlement agreement with the Tanzanian government, concluding the long-standing dispute adjudicated by the International Centre for Settlement of Investment Disputes (ICSID). The total settlement sum is set at US$90 million, to be paid by Tanzania in three instalments, representing 82.5% of the original ICSID Award amount of US$109 million.
The agreed instalments are as follows:
US$35 million – Already received from Tanzania.
US$25 million – Due on or before October 25, 2024.
US$30 million – Due on or before March 30, 2025.
The settlement funds will first be used to repay litigation funding and legal costs incurred during the arbitration process. Additionally, Indiana Resources will retain a portion of the funds to cover potential costs associated with annulment and/or further arbitral proceedings and enforcement actions, should subsequent instalments not be paid by Tanzania.
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The distribution of the settlement amount among the claimants is currently under negotiation, with a detailed announcement expected in the near future. Following the completion of these negotiations, Indiana Resources plans to distribute the proceeds to its shareholders. The company has outlined a proposed timeline for these distributions:
First Distribution – Expected in December 2024.
Second Distribution – Planned for Q2 2025.
Indiana Resources Limited has announced plans to expedite exploration activities at its Central Gawler Craton Project in South Australia.
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