Cazaly stocks jump 30pc after court decision Tuesday, 3 October 2006. The stock market has reacted positively to the latest development in a court battle between Cazaly Resources and the Western Australian Government.
The company's shares rose 30 per cent in trading on the Australian Stock Exchange yesterday in response to a warden's court hearing on Friday.
The court decided Rio Tinto's rights to mine the Shovellana iron ore deposit in the Pilbara should be suspended until the matter is decided in the Western Australian Supreme Court.
Cazaly snapped up the deposit last year when Rio Tinto unintentionally failed to renew its lease.
However, the Minister for Resources, John Bowler, handed the deposit back to Rio Tinto using discretionary powers under the Mining Act.
Cazaly is challenging that decision in the Supreme Court.
CAZ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
