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Notice of Arbitration
Notice of Arbitration.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n26 July 2024\n \nPanthera Resources Plc\n(\"Panthera\" or the \"Company\")\n \nIssuance of Notice of Arbitration with India\n \nGold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that the Company's Australian subsidiary, Indo Gold Pty Ltd (\"IGPL\") has formally issued a Notice of Arbitration (\"NoA\") with the Republic of India (\"India\") over the latter's breaches of its obligations under the 1999 Agreement between the Government of Australia and the Government of the Republic of India on the Promotion and Protection of Investments (the \"Treaty\").\n \nOn 2 January 2024, the Company announced that its Australian subsidiary, Indo Gold Pty Ltd (\"IGPL\"), formally issued a Notice of Dispute to India in relation to the Bhukia project. As the parties have not reached an amicable settlement, IGPL has delivered the NoA to the Government of India. Under the Treaty, an arbitral tribunal is to be constituted within two months of delivery of the notice of arbitration.\n \nWhile the statement of claim inclusive of the quantum of damages will be issued in due course, the Company refers to its announcement on 2 January 2024 which noted that on 30 September 2023 the Times of India reported that, based on information from the Geological Survey of India (\"GSI\") and the Additional Chief Secretary of Mines, the gold deposit at the site could be worth over US$1 billion. \n \nIn addition, the Company notes that the preferred bidder in the auction of the Bhuki-jagpura block by the Government of Rajasthan (\"GoR\") (\"Auction\") was selected with a 'Highest Final Price Offer' of 65.3%. In effect, the auction process binds the preferred bidder to a future payment schedule to the GoR of 65.3% of the value of mine production over the life of mine. We also note that the GSI has reported a mineral resource of 7.2 Moz of gold with a calculated inground ...