- Winshear Gold (WINS) is seeking millions of dollars in damages from the government of Tanzania
- The junior gold exploration company has filed a Memorial with the International Centre for Settlement of Investment Disputes
- Winshear is seeking C$124,781,945, including interest which continues to accrue
- The company alleges Tanzania’s expropriation of the SMP Gold Project breached its obligations under the 2013 Tanzania-Canada Bilateral Investment Treaty
- Winshear Gold is up 22.22 per cent, trading at $0.11 at 2:48 pm ET
Winshear Gold (WINS) is seeking millions of dollars in damages from the government of Tanzania.
The Vancouver-based junior gold exploration company has filed its Memorial with the International Centre for Settlement of Investment Disputes (ICSID).
The ICSID is part of the World Bank Group.
Winshear is seeking C$124,781,945, including interest which continues to accrue.
The complaint stems from Tanzania’s expropriation of the company’s retention licences over the SMP Gold Project, located in SW Tanzania.
The company alleges Tanzania’s expropriation of the SMP Gold Project breached its obligations under the 2013 Tanzania-Canada Bilateral Investment Treaty.
The company retained Vikki Wall of Haberman Illett, now part of the Kroll group of companies, as its quantum expert to quantify the claim.
International law firm LALIVE is representing Winshear in the arbitration process.
Between 2006 and 2017, the company acquired, explored and discovered a gold resource at the SMP Gold Project. As of 2017, the company held four Retention Licences which contained the entire mineral resource defined to that date.
In July 2017, without any consultation with industry participants and investors, the Government of Tanzania passed new legislation abolishing the Retention Licence classification.
“Establishing C$124,781,945 as compensation for Tanzania’s expropriation of the SMP Gold Project is a very important milestone for Winshear. Tanzania’s actions have rendered valueless years of investment in the country. We have made every attempt to work with the Tanzanian Government to reach an amicable settlement since they cancelled our retention licences but they have provided us no choice but to pursue the legal route,” said Winshear CEO Richard Williams.
Winshear Gold is a minerals exploration company that is currently advancing the Gaban Gold Project in the Puno region of Peru.
Winsehear Gold is up 22.22 per cent, trading at $0.11 at 2:48 pm ET.