Tantalum International Ltd (TIL) and Emerge Gaming Limited (Emerge, ASX: EM1) wish to provide the following update concerning the status of their investment dispute with the Arab Republic of Egypt (Egypt). As outlined in previous announcements, the dispute arose out of measures Egypt took in respect of investments that TIL and Emerge (together, the Claimants) had made in two mining projects at Wadi Allaqi and Abu Dabbab. In 2018, following the cancellation of the mining licence for Abu Dabbab in 2015, the Claimants referred the dispute to arbitration at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, in accordance with the 2002 Australia- Egypt bilateral investment treaty.
TIL and Emerge are pleased to announce that, as a result of a successful process of negotiation with Egypt, the parties have settled their dispute, and the Claimants have received payment of the settlement sum in cash. The Claimants and Egypt have accordingly issued a joint request for discontinuance of the proceedings to the ICSID tribunal.