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Panthera Resources PLC on Friday reported progress in an arbitration against the Indian government filed by its Australian subsidiary, Indo Gold Pty Ltd. Panthera, a London-based mining company focused on West Africa and India, said the case’s terms of appointment had been executed. This follows an initial hearing held in December. Conditions agreed upon include that the Permanent Court of Arbitration will administer the case, and that its secretary-general will designate the appointing authority. It was also agreed that the arbitration’s legal seat will be in London. The PCA will publish basic case information on its website, including names of tribunal members and legal counsel, but all supporting documents will remain confidential unless bar any legal disclosure duties. Indo Gold claims the Indian government has breached the terms of a 1999 investment treaty signed with Australia. Its specific concern is the Bhukia mining project in Rajasthan. Indo Gold first invested in the site circa 2004 through its subsidiary Metal Mining Pvt Ltd. The Indian government declined to issue Metal Mining with a prospecting licence for Bhukia and in 2021, amended national mining regulations. This resulted in Metal Mining losing a preferential right to a prospect licence and the revocation of its Bhukia mining lease, Panthera said. The company is now claiming damages from the Republic of India. Panthera noted that part of the Bhukia zone was recently auctioned to a third party. The successful bid included $60 million in upfront payments, $60 million in performance guarantees and a mineral share, granting the Indian government fees equivalent to 65% of the gold value extracted from Bhukia. Panthera also reported that Indo Gold had secured $13.6m in litigation financing from LCM Funding SG Pty Ltd, which is owned by Litigation Capital Management Ltd. Indo Gold will not need to repay the loan if it fails to win damages. Panthera shares were down 5.0% at 8.27 pence each on Friday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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