London, England - Shares in Panthera Resources, a London-listed gold mining company, dropped by 24% following the recent announcement that the high court of Rajasthan, India, has dismissed a writ petition from Metal Mining India. Metal Mining India is a subsidiary of Indo Gold, an Australian company owned by Panthera.
As of 08:20 GMT, Panthera's shares were down 2.75 pence to 8.50 pence.
In response to the court's decision, Indo Gold has declared its intention to shift its focus towards pursuing a claim against India for alleged violations of its obligations under the Australia-India bilateral investment treaty.
"This latest ruling by the high court of Rajasthan further exposes India's act of expropriation, which once again demonstrates their failure to provide investment protections to Indo Gold and its investments under the treaty," stated Mark Bolton, Managing Director of Panthera.
Indo Gold seeks fair and just compensation following the alleged breach of the treaty, which involved India expropriating the Bhukia project that was being developed by the company.
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