Indiana Resources (ASX: IDA) has confirmed that all arbitration disputes related to its nickel assets in Tanzania have been fully and finally resolved following a comprehensive consent settlement with the United Republic of Tanzania.
The Australia-listed company confirmed that the settlement concludes all outstanding matters under the Settlement Deed signed on July 29, 2024.
Indiana Resources is the majority shareholder in Ntaka Nickel Holdings and Nachingwea UK, both incorporated in the United Kingdom.
These entities, together with their Tanzanian subsidiary Nachingwea Nickel, were parties to arbitration proceedings against the United Republic of Tanzania, with Indiana acting as joint venture manager and responsible for arbitration-related activities.
The company confirmed that the arbitration tribunal at the London International Court of Arbitration issued a Consent Award recording the full and final settlement of the dispute.
It also confirmed that the International Centre for Settlement of Investment Disputes (ICSID) discontinued annulment proceedings, fully closing all actions in that forum.
Indiana Resources confirmed that the settlement fully resolves all disputes between the parties and that no taxes, penalties, or other financial obligations are due by the claimant group in Tanzania.
The company will now refocus on exploration activities, including its gold assets in the Gawler Craton of South Australia.
Ntaka Hill Nickel Project Dispute
The Ntaka Hill Nickel Project is a development-ready advanced nickel sulfide project in southern Tanzania with estimated Mineral Resources of 56.2mt @ 0.63% Ni, 0.14% Cu, 0.02% Co for 356,380t of contained nickel1, JORC (2012).
The project became the center of international arbitration after the Tanzanian government, under the administration of late President Magufuli, abolished the Retention Licence without offering a replacement classification.
This led to the project’s expropriation in January 2018, sparking the legal challenge that culminated in the ICSID’s ruling.
In February 2024, the ICSID ordered Tanzania to compensate Indiana Resources and its associated entities over USD 109.5 million for the unlawful expropriation of the Ntaka Hill Nickel Project.
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