Panthera Resources PLC (AIM:PAT) said its Australian subsidiary, Indo Gold (IGPL) has formally issued a Notice of Arbitration (NoA) against India for breaches of its obligations under the 1999 Promotion and Protection of Investments treaty with Australia.
On 2 January 2024, IGPL formally issued a Notice of Dispute to India about the Bhukia project.
As the parties have not reached an amicable settlement, IGPL has now 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.
According to reports citing 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.