BSF secured a $30 million settlement for Canadian mining company Winshear Gold in relation to its dispute with the United Republic of Tanzania. Winshear confirmed it has received the total amount of funds from Tanzania and has agreed to terminate the arbitration proceedings.
Led by partner Timothy Foden, BSF represented Winshear in an ICSID arbitration claim against the United Republic of Tanzania under the Canada-Tanzania Bilateral Investment Treaty for the alleged expropriation of the client’s concession for a gold mine in Tanzania, which began in 2020. The ICSID tribunal hearing happened in February this year in Washington D.C.
This case is one of three arbitration claims that BSF has brought against Tanzania on behalf of mining clients, all represented by Tim. BSF recently won an $110 million award with interest for client Indiana Resources against the country, and it also represents Montero Mining and Exploration with its ICSID arbitration proceedings against Tanzania.
Tim says, “I am very pleased for Winshear as they draw a line under a six-year saga after losing its SMP Gold Project. The first thing new mining clients usually ask me is whether claimants actually get paid. Well, here's proof positive. I now look forward to securing payment for the Ntaka Hill clients and obtaining justice for Montero mining.”