3rd Feb 2017 07:55
LONDON (Alliance News) - Atalaya Mining PLC on Friday said it is awaiting a final decision from the UK's Royal Courts of Justice regarding a claim made by Astor Management AG over the deferred consideration due on the acquisition of EMED Tartessus.
According to a statement from Atalaya in November, Astor claimed the deferred consideration agreed when Atalaya, then known as EMED Mining, took full ownership of EMED Tartessus in September 2008 was due, as all the conditions required have been satisfied.
However, Atalaya said the payment of the first part of the deferred consideration was contingent on it securing a senior debt facility to back the restart of operations at the Rio Tinto copper project in Spain, but said it had not entered into any arrangements.
Atalaya on Friday said the case has now been heard at the Royal Courts of Justice and it is awaiting a final decision from the judge, who has "not indicated when a judgement will be handed down".
By Hannah Boland; [email protected]; @Hannaheboland
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