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Be the first with the news that moves the market- Mining company, Winshear Gold (WINS) has commenced international arbitration proceedings against the Government of Tanzania
- The arbitration is due to Tanzania’s expropriation of investments held by Winshear, relating to the SMP Gold Project
- Winshear intends to seek compensation for the losses it incurred because of Tanzania’s actions
- The company has engaged international law firm, LALIVE, to act on its behalf during the arbitration proceedings
- Winshear Gold (WINS) last traded on July 10 at C$0.11 per share
Mining company, Winshear Gold (WINS) has commenced international arbitration proceedings against the Government of Tanzania.
The proceedings come under the agreement between the Government of Canada and the Government of the United Republic of Tanzania, for the Promotion and Reciprocal Protection of Investments.
Winshear has initiated the arbitration process under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. This process falls under the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), which Tanzania is a signatory to.
The arbitration is due to Tanzania’s expropriation of investments held by Winshear, relating to the SMP Gold Project. Expropriation is when the state seizes property from its owner, to repurpose it for public use or benefit.
In January 2020, Winshear gave notice to the Attorney General for Tanzania, regarding its intention to submit a claim to arbitration. The notice period provides a consultation period of six months, before arbitration proceedings can begin.
Since Tanzania did not respond during the six-month consultation period, Winshear has commenced the arbitration process. The company intends to seek compensation for the losses it incurred because of Tanzania’s actions, which it considers to be illegal.
Winshear has engaged international law firm, LALIVE, to act on its behalf during the proceedings. LALIVE, which has offices in Geneva, Zurich, and London, specialises in international arbitration such as this.
In particular, the firm has a plethora of experience in investment arbitration to do with mining and other natural resources.
Winshear Gold (WINS) last traded on July 10 at C$0.11 per share.
