Indiana Resources Says Second Installment of Settlement Agreement Received; Shares Up 8%

MT Newswires Live10-29

Indiana Resources (ASX:IDA) said claimants' legal representatives received $25 million as the second installment of the $90 million settlement agreement with Tanzania, according to a Tuesday filing with the Australian Securities Exchange.

The dispute, related to the cancellation of the company's license for the Ntaka Hill nickel project in 2018, was the subject of arbitration at the International Centre for Settlement of Investment Disputes, a division of the World Bank.

The final installment of $30 million is due to be paid on or before March 30, 2025, the filing said.

Indiana Resources shares rose more than 8% in afternoon trade.

Price (AUD): $0.11, Change: $+0.0080, Percent Change: +8.25%

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