TIDMPAT
RNS Number : 5506P
Panthera Resources PLC
18 February 2021
18 February 2021
Panthera Resources Plc
(Panthera, PAT or the Company)
Fasken to Advise on Investment Treaty
Panthera Resources Plc (AIM: PAT), the diversified gold
exploration and development company with assets in West Africa and
India, is pleased to announce the appointment of Fasken to advise
the Company on a potential dispute with the Republic of India
concerning the Bhukia Joint Venture Project (Bhukia).
Fasken is a highly reputable international law firm with
extensive experience in international arbitration and dispute
resolution, particularly in the mining sector. India has various
obligations under the Australia-India Bilateral Investment Treaty
of 26 February 1999 (ABIT), as a host state.
The Company made its initial investment in Bhukia, through its
95% owned Australian subsidiary, Indo Gold Pty Limited, in 2005.
The Company's rights to be granted a Prospecting Licence over
Bhukia, through its joint venture partner, by the Government of
Rajasthan (GoR) have been consistently frustrated over an extended
period. More recently, the Prospecting Licence Application over
Bhukia was again rejected by the GoR in August 2018 on various
spurious grounds. The Company subsequently obtained an interim Stay
Order from the Rajasthan High Court which continues to remain in
place with the matter subject to ongoing proceedings in the High
Court of Rajasthan.
In addition to the above, Fasken will review and advise the
Company on its potential dispute under the Australia-India
Bilateral Investment Treaty of 26 February 1999 (ABIT) in relation
to Bhukia, which includes past, present and any future acts and/or
omissions by India and its state entities and actors.
Mark Bolton, Managing Director of Panthera, commented:
"The Bhukia project is an outstanding Tier 1 undeveloped gold
project and significant asset of your Company.
Following the recent successful US$1.2 billion international
arbitration award in favour of Cairn Energy Plc against the
Government of India conducted under a similar bilateral investment
treaty, it is essential that Panthera consider all of its rights
pertaining to its investments in India.
Today's appointment of Fasken is the first step to consider our
options available to exercise our legal rights under the ABIT.
Under ABIT, the compensation may be computed on the basis of the
market value of the investment.
The Company nevertheless remains committed to an amicable and
timely resolution of the dispute through negotiations. In this
regard, the Company has and will continue to engage in good faith
dialogue with both the Governments of Rajasthan and India in order
to develop Bhukia upon being granted the Prospecting Licence and
deliver employment and tax revenues to the people of India as well
as returns to our investors.
The Company will provide an update from time to time where
circumstances materially change."
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Broker) +44 (0) 20 3328 5656
John Depasquale / Asha Chotai (Corporate Finance)
Guy McDougall (Equity Sales)
Financial Public Relations
Vigo Communications Ltd +44 (0)20 7390 0230
Simon Woods / Chris McMahon
Subscribe for Regular Updates
Follow the Company's Twitter page at @PantheraPLC
For more information and to subscribe to updates, please visit:
www.pantheraresources.com
UK Market Abuse Regulation (UK MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of UK
MAR until the release of this announcement.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
**ENDS**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDVLBFFLLBBBL
(END) Dow Jones Newswires
February 18, 2021 02:05 ET (07:05 GMT)
Panthera Resources (LSE:PAT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Panthera Resources (LSE:PAT)
Historical Stock Chart
From Jul 2023 to Jul 2024