Aussie Mining Co. Lodges $94M Arbitration Against Tanzania
By Diamond Naga Siu (July 27, 2021, 8:56 PM EDT) -- An Australian mining company has opened a 127 million Australian dollar (about $93.5 million) arbitration with the International Centre for Settlement of Investment Disputes against Tanzania for allegedly violating international investment agreements by seizing a project site under altered laws.
Indiana Resources, the majority shareholder of U.K.-based mining company Ntaka Nickel Holdings, had shared details of the dispute in January 2020 and said it would give the country six months to resolve the dispute before arbitrating the claims.
Indiana Resources said in a Monday announcement that it has reached a roughly $4.7 million litigation funding agreement with Litigation Capital Management Ltd....
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