ETH 0.00% 14.5¢ ethan minerals limited

bad news, page-12

  1. 449 Posts.
    Mbanda

    Maybe JV wouldn't need to "hire competent legal people to carry out a search" if you would post the text you're referring to. I did an online search for 2010/HP/1155 and found nothing. Please post the text or a link to it.

    I was able to find a couple of Articles in Zambian Media (links below). They're old, but with nothing new provided - it's all I've got.

    At it's core, it's alleged that Jazzman gave the right to mine some site(s) to Eagle Eye Mining and took payment in return for that right, and subsequently gave the right to mine the site(s) to Allegra without renegotiating the initial deal with Eagle Eye. Now Eagle Eye is sueing Jazzman and Allegra for performance on their original contract and damages. They have been granted an injunction preventing Allegra from interfering with the mining operations of Eagle Eye.

    I'm not sure what that injunction entails. According to Ethan, Eagle Eye are not carrying out any mining activities and hence a restriction on interfering will have no effect on Ethan. However, it's seems likely that the Court's intention in granting the injunction was to remove interference to Eagle Eye's mining activities as envisaged under their initial agreement with Jazzman, not to simply restrict interference to activities they can't carry out because they can't get access to the site.

    As it's basically the son of the vice president sueing the minister for mines, it's anyone's guess as to how this will pan out. Hopefully ETH can salvage something from Zambia, cry over a few beers about the shareholder's money they've lost, and get to work on Mary Springs.

    As always, my opinion only.

    links:
    http://www.times.co.zm/news/viewnews.cgi?category=6&id=1289205681

    http://www.zambianwatchdog.com/?p=9844
 
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