16th Apr 2014 08:28
LONDON (Alliance News) - Bushveld Minerals Ltd Wednesday said its Lemur Resources unit had won a ruling in the Madagascan city of Tulear that will allow it continue to hold tenure over mining permit 4578 in the country.
In a statement, Lemur said it is still waiting on a ruling from a court in Antananarivo, but expects that ruling to go in its favour too.
Rahajasoamampionona Ramiaramanana had lodged a legal claim on the permit, and won an initial ruling in the Tulear court that has now been overturned. The court initially declared null and void various historical sale agreements that had granted Lemur permit 4578. Ramiaramanana had also approached the Antananarivo court for a temporary enforcement of the original judgement in Tulear, even though proceedings were continuing in that court.
Ramiaramanana now has 30 days to lodge an appeal against the Tulear court?s latest decision, after which the court decision will be final, Lemur said.
"The resolution regarding the tenure of our 4578 mining licence will provide comfort to Lemur?s existing shareholders and potential investors who are engaged in discussion to partner with us on our 3 x 15 megawatt coal fired Imaloto power project," Lemur Chief Executive Anthony Viljoen said in a statement.
Bushveld Minerals shares were down 0.4% at 4.605 pence in London Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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