Tanzanian Republic Pays $90 Million Settlement in Indiana Resources Arbitration; Shares Fall 5%

MT Newswires Live07-29

The United Republic of Tanzania has agreed to pay Indiana Resources (ASX:IDA) a $90 million settlement regarding arbitration at the International Centre for Settlement of Investment Disputes (ISCIS), a division of the World Bank, according to a Monday filing to the Australian bourse.

Indiana Resources, the majority shareholder in Ntaka Nickel Holdings, Nachingwea UK and Nachingwea Nickel are claimants manager of the joint venture responsible for activities relating to the arbitration.

The payment will avoid expensive and time-consuming enforcement efforts and end a nearly seven-year-long dispute. Funds will be retained by the claimants for legal, tax and administration, the filing stated.

Indiana Resources shares fell nearly 5% in recent trade.

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