Latest news with #IGPL
News18
16 hours ago
- Business
- News18
Sports Ministry Backs Indian Golf Union To Hold IGPL
The Ministry of Youth Affairs and Sports gave the IGU the green light to organize the inaugural edition of the Indian Golf Premier League early in they year 2026. The Ministry of Youth Affairs and Sports gave the Indian Golf Union, the National Sports Federation for golf, the green light to organize the inaugural edition of the Indian Golf Premier League, which looks to make the sport more accessible for youngsters, earl in they year 2026. A delegation of Indian Golf Union helmed by former Major General Bibhuti Bhushan along with members of the IGPL Board and Women's Golf Association of India secretary general Champika Sayal met with Union Sports Minister Mansukh Mandaviya and Union Minister of Tourism and Culture Shri Gajendra Singh Shekhawat on Wednesday for discussion pertaining to the promotion of the sport from the grassroots up. 'It was a moment of great pride and honour for the Indian Golf Union to meet both the Hon'ble Union Sports Minister and Tourism Minister at their residence and understand the government's vision on strengthening the sports ecosystem in Bharat," IGU director general Bibhuti Bhushan said. 'I can say with utmost pleasure that the Sports Ministry has given us the nod to organize the first-ever Indian Golf Premier League, which aims at popularizing the sport in Bharat," Bhushan contiuned. 'The IGPL will be organized in January 2026. Through IGPL we will scout and nurture world-class golf talent who will proudly represent Bharat on the global stage," he added. Pleased to meet my Cabinet colleague, Union Minister for Labour & Employment Shri @mansukhmandviya this evening in held a joint interaction with representatives of Indian Golf Unions and Women Golf Unions regarding the upcoming Indian Golf Premier League, a unique… — Gajendra Singh Shekhawat (@gssjodhpur) June 23, 2025 IGPL is a city-based franchise league which will feature both amateurs and professionals playing in a team format. The event envisions providing international standard training facilities and coaching to over 10 lakh school and college students in the next three years. First Published: June 26, 2025, 17:05 IST
Yahoo
20-05-2025
- Business
- Yahoo
Panthera Resources files $1.58bn damage claim against India over Bhukia project
UK-based gold exploration company Panthera Resources, through its Australian subsidiary Indo Gold (IGPL), has filed a claim for damages totalling $1.58bn against the Republic of India, alleging breaches of a bilateral investment treaty. This claim arises from the alleged breach of the 1999 Agreement between the governments of Australia and India on the Promotion and Protection of Investments (the "Treaty"). The dispute centres on the Bhukia project in Rajasthan, India, where IGPL's rights to a prospecting licence, held through a wholly owned subsidiary, Metal Mining (MMI), were denied. MMI commenced its initial investment in the Bhukia project around 2004. IGPL supplied significant funding and oversaw the joint venture's (JV) exploration programmes in collaboration with MMI. IGPL claims that its entitlement to receive a prospecting licence for the Bhukia project, through its JV stake, was obstructed and hindered by the Government of Rajasthan over an extended period. The company contends that the Government of Rajasthan's actions and the enactment of the MMDR2021, an amendment to the Mines and Minerals (Development and Regulation) Act of 2015, which led to the revoking of preferential rights to mining licences, constitute a breach of the Treaty. Further complicating the matter, India auctioned part of the Bhukia project area to a third party, Saiyyed Owais Ali, with terms including $60m (Rs5.14bn) in upfront payments, $60m in performance guarantees and a 65.3% mineral share for India. This auction occurred despite IGPL's ongoing dispute over the project's licensing rights. The Treaty claims include allegations of expropriation and failure to protect investments under Articles 3 and 7 of the Treaty. However, the outcome of IGPL's Treaty claims remains uncertain. The Bhukia project's potential was highlighted early on, with a JORC-compliant mineral resource estimate reported in 2006 and updated in 2017. The JORC-compliant mineral resource estimate of the project is 38.5 million tonnes (mt) at 1.4 grams per tonne (g/t) gold for 1.74 million ounces (moz) of gold using a cut-off of 0.5g/t gold in the area. Recently, a gazette notification from the Government of Rajasthan included an updated resource estimate of 113.52mt at 1.96g/t and 0.14% copper. This equates to 7.2moz of gold, along with copper credits, as well as additional nickel and cobalt. To support the legal efforts, IGPL has secured up to $13.6m in non‐recourse litigation financing from LCM Funding, a subsidiary of Litigation Capital Management, which specialises in international arbitration and cross-border disputes. This financing arrangement ensures that IGPL can pursue its Treaty claims without financial risk if no award or recovery is achieved. In May 2024, Panthera entered into definitive agreements with DFR Gold and Maniger to restructure the ownership interests in the Kalaka gold project in Mali and the Paimasa, Dagma and Dext gold projects in Nigeria. "Panthera Resources files $1.58bn damage claim against India over Bhukia project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
