IDA Settles with Tanzania for US$90 Million US$90 Million Settlement with Tanzania
Highlights
• Tanzania has agreed to pay a total US$90 million in settlement of the ICSID dispute
• Settlement sum payable by Tanzania in three instalments:
US$35 million – received from Tanzania
US$25 million – on or before 25 October 2024
US$30 million – on or before 30 March 2025
• Settlement sum represents 82.5% of the original amount of the ICSID Award of US$109 million
• Litigation funding and legal costs to be repaid from first instalment, with funds retained for annulment and/or arbitral proceedings and enforcement if further instalments are not paid by Tanzania
• Distribution between the Claimants is currently being negotiated with a further announcement to be made in due course
• Following completion Indiana anticipates distributions to shareholders as follows:
First distribution proposed for December 2024
Second distribution in Q2 2025
• Indiana to immediately advance exploration activities at its Central Gawler Craton Project, South Australia