Gold exploration firm Panthera Resources PLC (AIM: PAT) has secured an unconditional $13.6 million fund from LCM Funding to advance its claims against the Indian government.
Previously, Panthera disclosed that Indo Gold had obtained a conditional arbitration finance agreement of up to $10.5 million from LCM Funding. This amount was raised after in-depth due diligence by LCM.
The provided funds in this deal are non-recourse, repayable only upon successful recovery.
To fortify its stance against India, Indo Gold has enlisted several prominent industry advisors and experts.
These claims originate from the 1999 Agreement between Australia and India regarding investment promotion and protection.
Indo Gold alleges that the Indian government breached the Australia-India Bilateral Investment Treaty.
LCM specializes in global litigation financing and has notable expertise in international arbitration, including bilateral investment treaty claims about mineral resources.
Mark Bolton, Panthera’s managing director, commented, “After rigorous due diligence, we’re gratified by LCM’s continued belief in IGPL’s valid claim against India. Their comprehensive analysis, backed by expert advice, strengthens our stance that India has committed actionable expropriation and other treaty breaches on a valuable company asset.”
Panthera’s chairman, Mike Higgins, praised Bolton for his dedication and hopes for a positive result for the firm. Higgins mentioned multiple efforts since 2005 to resolve Bhukia permitting issues with Indian authorities, with no success.
Higgins further stated, “Our initial aim was to commence gold production at Bhukia years ago. Now, with no alternative, we cautiously proceed with arbitration, firm in our rights and optimistic about a successful conclusion
