Panthera Resources PLC ends partnership with Galaxy Gold Mines Pvt Ltd following
In December 2018, Panthera announced that Indo Gold Pty Ltd (IGL), a subsidiary of Panthera, had entered into a binding term sheet with Galaxy forming a partnership in India to advance the Bhukia joint venture project
() said it decided not to extend a term sheet with Galaxy Gold Mines Pvt Ltd following the recent change in the Indian mining law, effectively ending a partnership to advance the Bhukia joint venture gold project.
The gold exploration and development company said the term sheet with Galaxy lapsed effective 30 April 2021.
“The company’s efforts are focused on pursuing its legal rights in India and, working with Fasken in preparation for a potential international arbitration under the Australia-India Bilateral Investment Treaty,” Panthera said in a statement.
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In December 2018, Panthera announced that Indo Gold Pty Ltd (IGL), a subsidiary of Panthera, had entered into a binding term sheet with Galaxy forming a partnership in India to advance the Bhukia joint venture project.
Galaxy retains a 5% equity interest in IGL with the remaining 95% interest held by Panthera. IGL holds Panthera’s mining and other ownership interests in India, including any rights to the Bhukia project.
Read More: Panthera Resources PLC ends partnership with Galaxy Gold Mines Pvt Ltd following