Interesting that IDA has gone into trading halt this morning pending an announcement re settlement of ICSID case.
1. The trading halt is requested pending an announcement to the market in
relation to a settlement being reached with the United Republic of Tanzania in
relation to the arbitration proceedings at the International Centre for
Settlement of Investment Disputes (ICSID), a division of the World Bank.
Back story to IDA - Tanzania arbitration:
Indiana Resources took Tanzania to ICSID arbitration due to Tanzania's unilateral cancellation of the company's retention license for the Ntaka Hill Nickel Project in January 2018. This action by the Tanzanian government was viewed by Indiana Resources as an unlawful expropriation of their mineral project under the UK-Tanzania bilateral investment treaty
Award Total and Interest Breakdown:
The Award currently totals
US$120,809,791, being US$116,696,210, the amount of the Award plus
interest, and costs of US$4,113,581.
Interest on the Award continues to accrue at the rate of approximately US$1 million a month until the full amount is paid to Indiana.
I'm sure our god-fearing DRC friends are watching with interest as yet another corrupt African government expropriation fails, and compensation awarded.
Cheers
F