23rd Mar 2021 14:24
Panthera Resources PLC - gold exploration and development company focused on west African and India - Says the government of India has passed a new bill to amend the Mines & Minerals Act of 2015, which is expected to become law in the second quarter of 2021. Panthera Resources says it believes that the new act may have an impact on its joint venture partner Metal Mining India Pvt Ltd in terms of its right to secure approval of its prospecting licence applications for the Bhukia and Taregaon projects in India.
"While the introduction of the MMDR2021 is disappointing, it does provide clarity on the company's future strategy," says Managing Director Mark Bolton. "Despite prescriptions made within this new MMDR2021 bill about the manner of compensation available to parties, our company's present advice is that under the Australia-India Bilateral Investment Treaty of 1999, any such compensation awarded may be computed on the basis of the market value of our investment in India."
Current stock price: 14.80 pence, down 6.3% on Tuesday
Year-to-date change: down 55%
By Evelina Grecenko; [email protected]
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