Business
Acquisition of Bhukia JV Partner
Acquisition of Bhukia JV Partner.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7006Q\n Panthera Resources PLC\n 29 October 2021\n \n \n \n \n 29 October 2021\n \n \n \n \n \n Panthera Resources PLC\n \n \n (\"Panthera\" or the \"Company\")\n \n \n \n \n \n Acquisition of Bhukia JV Partner\n \n \n \n \n \n The Board of Panthera is pleased to announce that its subsidiary, Indo Gold Pty Limited (\"IGL\"), has entered into various agreements (the \"Agreements\") to acquire Metal Mining India Private Limited (\"MMI\"), the Company's joint venture (\"JV\") partner in India, in respect of the Bhukia and Taregaon projects. \n \n \n \n \n \n Highlights\n \n \n ·\n Ownership interest in the Bhukia and Taregaon projects in India via IGL will increase to 100% (giving Panthera a 95% interest) if prospecting licences (PLs) are granted in the future.\n \n \n ·\n IGL will acquire all of MMI's shares and has secured cooperation from the former shareholders in relation to a potential claim under the Australia-India Bilateral Investment Treaty (\"ABIT\") together with their rights to bring a claim under the ABIT.\n \n \n · \n Fasken, Panthera's ABIT legal adviser, advises that a potential claim under the ABIT has legal merit.\n \n \n · \n Ongoing discussions with several potential litigation funders to support a potential claim under the ABIT.\n \n \n · \n Ongoing discussions with a potential new joint venture partner.\n \n \n \n \n \n Commenting on the MMI acquisition, Mr. Mark Bolton, Managing Director of Panthera said:\n \n \n \n \n \n \"We wish to thank MMI and its shareholders for their dogged support over many years and numerous challenges. We wish them well with their future endeavours and also welcome them as significant new Panthera shareholders.\n \n \n \n \n \n The acquisition of MMI and its shareholders' legal rights has sound commercial merit for Panthera.\n \n \n \n \n \n Should the Company resolve its ongoing dispute through the grant of the Bhukia Project PL, the purchase price is compelling. Furthermore, IGL's interest in the Bhukia Project will increase from 70% to 100%.\n \n \n \n \n \n Should the Company initiate an arbitration claim against the Government of India, the acquisition substantially simplifies the claim for damages. In addition, the Company would benefit from increased participation and cooperatio...