Summary

Highlights

• The International Centre for Settlement of Investment Disputes, part of the World Bank, has declared arbitration proceedings against the United Republic of Tanzania ("Tanzania") closed
• The Tribunal has delivered its Award with Tanzania ordered to pay compensation for the unlawful expropriation of Ntaka Hill of more than US$109.5 million (including interest already accrued) to the Claimants
• Indiana is a 62.4% shareholder of the combined holdings of the Claimants
• This holding percentage may increase as a result of the current ACICA arbitration proceedings between shareholders of one of the Claimants
• Indiana to commence enforcement process for the Award

Nachingwea U.K. Limited (UK), Ntaka Nickel Holdings Limited (UK) and Nachingwea Nickel Limited (Tanzania) v. United Republic of Tanzania (ICSID Case No. ARB/20/38)