Indiana Resources update on Tanzania arbitration

Indiana Resources Limited (ASX: $IDA) has provided an update on the dispute with the United Republic of Tanzania, which was the subject of arbitration at the International Centre for Settlement of Investment Disputes (ICSID). Indiana, the majority shareholder in Ntaka Nickel Holdings Ltd, Nachingwea UK Ltd, and Nachingwea Nickel Ltd, is responsible for activities relating to the arbitration against Tanzania.

Executive Commentary on Tanzania arbitration update

Tanzania's recent undertaking does not comply with the Committee's Decision on the Stay of Enforcement of the Award dated 31 October 2023. The ad hoc Committee will declare the stay terminated if Tanzania fails to provide an undertaking complying with the Committee's Stay Decision by 19 December 2023 and has not lodged appropriate financial security as stipulated.

Summary of Tanzania arbitration update

Indiana Resources Limited (ASX: $IDA) has provided an update on the dispute with Tanzania, indicating that the ad hoc Committee will declare the stay terminated if Tanzania fails to comply with the Committee's Stay Decision by 19 December 2023. Indiana Resources is an exploration company focused on advancing a portfolio of tenements, including rare earths, gold, and base metals, in South Australia. The company has a highly experienced management team and is progressing plans for a targeted Rare Earth Elements (REE) drilling programme. Indiana has a tightly held register with strong support from major shareholders aligned with the company's growth story.