Look on the bright side you may get a heap more cheap over the next 6 months...
Pete.
Heres a song....lol
http://www.youtube.com/watch?v=jHPOzQzk9Qo
19 February 2009
The Manager
Company Announcements Office
Australian Securities Exchange Limited
Level 4, Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Sir
NAMIBIAN PROJECT – UPDATE
Metals Australia Ltd provides this update on the status of its Mile 72 and Engo Valley uranium
projects in Namibia.
As previously announced, most recently in our Quarterly Activity Report dated 30 January
2009, we are still awaiting the renewal of our Namibian Licences EPL 3306 and 3308 at Engo
Valley and Mile 72.
Metals Australia has held these licences since March 2006 and they fell due for renewal in
May and June 2008. Metals Australia lodged its applications to renew the licences in
February and May 2008.
The two original licences were in the name of Malakia Joses Amakutuwa but were transferred
to New Mining Company (Pty) Ltd, whose name was changed to Metals Namibia (Pty) Ltd, a
wholly owned subsidiary of Metals Australia. The Ministry of Mines and Energy endorsed the
transfer of the licences on 14 March 2006.
Following our exploration successes at Mile 72, the Company became aware that Mr
Amakutuwa may take steps to seek to resile from the original agreement and attempt to renegotiate
his position. In this regard, the Company retained Namibian lawyers, Lorentz
Angula Inc, and Senior Counsel in Namibia, to protect the Company’s rights.
Lorentz Angula have in fact now received a court application brought by Mr Amakutuwa
against the Company, the Minister of Mines and Energy, and a former Australian partner of
Mr Amakutuwa who facilitated the acquisition in 2005. A copy of the court documents was
received by the Company on 17 February 2009.
Mr Amakutuwa seeks an order from the High Court of Namibia to declare Metals Australia’s
original purchase agreement dated 7 November 2005 and a subsequent Deed of Amendment
and Release dated 2 February 2007 to be null and void. The application also seeks an order
directing the Minister of Mines and Energy to transfer EPLs 3306 and 3308 back into Mr
Amakutuwa’s name.
Lorentz Angula have advised Metals Australia that it has considered the Applicant’s claim and
obtained advice from Senior Counsel in Namibia that confirms their view that the Applicant’s
claim has no justification, either in fact or in law, to support a realistic prospect of success.
The lawyers have also advised that, based on the information received from us, a strong
defence can be made out against Mr Amakutuwa’s claim. A copy of Lorentz Angula’s letter of
17 February 2009 is attached to this announcement.
Lorentz Angula have now been instructed to vigorously oppose the action taken against
Metals Australia and to additionally seek an urgent injunction to ensure the licences remain in
the name of the Company’s Namibian subsidiary pending the outcome of the application and,
if appropriate, to seek damages for any delay.
The Board of Metals Australia is determined to have this matter resolved as quickly as
possible to allow exploration work to continue on these two projects, in particular, the highly
prospective Mile 72 project.
The Board believes the most appropriate way to achieve this is through the formality of the
Namibian legal system and a hearing in that country’s High Court at the earliest possible time.
We will keep the market informed of further developments.
Yours faithfully,
HS Majteles
Chairman
Metals Australia Ltd
- Forums
- ASX - By Stock
- MLS
- trading halt announcement
trading halt announcement, page-4
-
- There are more pages in this discussion • 16 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MLS (ASX) to my watchlist
(20min delay)
|
|||||
Last
2.3¢ |
Change
0.001(4.55%) |
Mkt cap ! $16.72M |
Open | High | Low | Value | Volume |
2.2¢ | 2.3¢ | 2.2¢ | $20.80K | 925.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
10 | 1135021 | 2.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
2.4¢ | 409667 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 1135021 | 0.022 |
5 | 1117857 | 0.021 |
9 | 3182409 | 0.020 |
6 | 2165708 | 0.019 |
3 | 241110 | 0.018 |
Price($) | Vol. | No. |
---|---|---|
0.024 | 409667 | 1 |
0.025 | 192125 | 4 |
0.026 | 110000 | 2 |
0.027 | 155000 | 3 |
0.028 | 600000 | 1 |
Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
Featured News
LGP
Record revenue of $10.2 million as European demand drives 40% quarterly growth, with $1 million in operating cash inflow and $0.5 million in cost savings forecast
MLS (ASX) Chart |