By Daniel Itai.
Dar es Salaam, Tanzania. (News of The South) – Two mining companies have declared a dispute with the Tanzanian government over a retention mining licence that was repossessed by the government for fresh bidding.
European mining company Indiana Resources Limited (ASX: IDA), announced yesterday that it had served a notice to the Tanzanian President, Attorney General and the Minerals ministry in relation to its Ntaka Hill Nickel Project Retention Licence.
“Tanzania has breached obligations it owes to investors under the agreement of the United Kingdom, Northern Ireland and the government of the United Republic of Tanzania for the Promotion and Protection of Investments and international law,” read a statement from Indiana Resources.
The firm’s chair, Bronwyn Barnes, said for the past 18 years the firm and its partners have worked with Tanzania in developing the Ntaka Project and to-date, in excess of $60 million has been invested in defining the current resource and preparing development plans and studies.
On Wednesday, a Canadian firm, Winshear Gold Corporation, also announced it had delivered a similar notice to the Attorney General with the intention of establishing an investment dispute following the government’s decision on mining laws.
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