Under clause 10.2 of the original JVA it was intended to comprehensively address the contractual relationship between Heathgate and Alliance for a discrete period: from the date the agreement was signed (30 August 2002), in the “Free Carry Period” as defined in the JVA, to the “Mine Decision Date” and beyond, but only until a new agreement (entitled the Mining Joint Venture Agreement) had been signed.
The decision to mine was made on 22 October 2008. The parties first ran into trouble on 12 November 2008 when Alliance indicated that it had not been provided with a program or budget as required by the JVA. The first management meeting was held on 14 November 2008 and was adjourned to 25 November 2008. Alliance refused to participate unless the meeting was recorded and when the meeting resumed on 21 April 2009, the Committee decided against making a recording.
So it would seem that they were still operating under the original JVA up to at least 21 April 2009.
(Action commenced 13 October 2009 in SA Supreme Court)
Native Title Agreement
(Action commenced 12 November 2009 in SA Supreme Court)
Pre-Action Discovery; Access to JV Books and Records
(Action commenced 16 November 2009 in Federal Court of Australia (South Australia))
I have looked at the announcements in the period from 21 April 2009 to when the legal actions started to commence and I can't find any indication that a comprehensive Mining Development Agreement or separate Sales and Marketing Agreement have ever been entered into.
Metalduster you are welcome to have a look for your self.
These are just all my speculations and opinions, I'm not a lawyer, I have never had any legal training. Do not rely in any way on what I've said. Do your own research. Seek professional advice if you are unsure about any investment decisions and their suitability to your particular circumstances.
Eshmun
AGS Price at posting:
8.8¢ Sentiment: Hold Disclosure: Held
