Indiana Resources (ASX:IDA) said that Nachingwea UK (NUKL), shareholder of claimant Ntaka Nickel Holdings, has completed repayment of an intercompany loan following receipt of $30 million settlement funds from the government of Tanzania, according to an April 11 filing by the Australian bourse.
The company has been working to negotiate the distribution of the settlement funds between the claimants and its shareholders NUKL and Loricatus Resource Investments, the filing said.
Indiana Resources said it will retain the settlement proceeds until the dispute is resolved, adding that its AU$52 million cash balance will support exploration at its South Australian project.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.