Australia's Indiana Resources hits over 1-month high on settlement with Tanzania

Indiana Resources

29/12/2025 03:39

** Shares of Indiana Resources IDA.AX rise as much as 16.7% to A$0.042, highest since November 18

** Rare earths, gold and base metals explorer heading for their best day since late December 2023, if gains hold

** Ntaka Nickel, Nachingwea UK and Nachingwea Nickel, companies majority owned by Indiana, reach comprehensive settlement with United Republic of Tanzania

** In July last year, Tanzania agreed to pay settlement of $90 mln on dispute in relation to cancellation of licence for Ntaka Hill Nickel project in 2018

** In April, assessment from Tanzanian Revenue Authority alleged co owed taxes on the settlement amount

** Co says no taxes, penalties, or other financial obligations are due by parties in Tanzania

** Stock up ~60% this year, including the day's move

 (Reporting by John Biju in Bengaluru)

 ((John.Biju@thomsonreuters.com;))