The Gold exploration and development company issued a Bhukia strategy update regarding the dispute with the Republic of India.
Panthera has initiated legal proceedings against the Indian government for violating the trade agreement established with Australia in 1999.
Panthera Resources has announced its plan to issue a notice of dispute to the Indian Government within this quarter regarding the Bhukia Mine situation.
Should there be a lack of substantial response from the Indian government or if no settlement is reached, Panthera intends to proceed with a notice of arbitration.
The legal action stems from Panthera’s accusation that the Indian government breached the 1999 trade agreement with Australia by unlawfully expropriating the Bhukia deposit.
According to the treaty’s terms, an arbitration tribunal should be established within two months after the arbitration notice is issued.
Panthera also referenced a Times of India article dated September 30, which claimed the Bhukia gold deposit could be valued at over US$1 billion.
Panthera has stated that it cannot provide any estimates regarding the potential damages its subsidiary, IGPL, may seek from the Indian government in the dispute.
