IDA updates on arbitration dispute with Tanzania at ICSID center

Indiana Resources Limited (ASX: IDA) updated on its arbitration dispute with Tanzania at ICSID. The company, a major stakeholder in various entities, detailed ongoing legal proceedings. The Attorney General of Tanzania pledged to pay the full US$118 million Award, including costs, within 45 days of the annulment decision. This commitment includes not subjecting the payment to enforcement proceedings or Tanzanian court scrutiny.

Despite a recent US$1.1 billion financing package from the World Bank to Tanzania, interest continues to accrue at a rate of US$1 million per month until the Claimants receive the full amount. A hearing on the Claimant's preliminary objection to Tanzania's annulment application occurred on December 20, 2023, with the annulment process timetable remaining on track.

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