re: for tophat
imo they won't get any compensation as they lost the first trial in late November 2004. interesting that Mr. Searle who usually reports every fart didn't tell us shareholders about that fauxpas...
Dragon Mining Posted Thu, 02 Dec 2004
Dragon and MDM Head for Showdown
The first round of court decisions has been handed down in dispute between Dragon Mining and MDM relating to the construction of the processing facility at Dragon's Svartliden Mine in Sweden.
Dragon launched an application in the regional District Court to prevent MDM from removing any of its equipment from the site thereby giving Dragon access to the equipment to complete the construction of the processing facility. The application along with the subsequent appeal were both turned down.
Gordon McCrae, Managing Director of MDM, comments "Dragon launched this application during contract execution while MDM were on site and without our knowledge, fortunately we are well represented in Sweden and we are very pleased that the 1st round of decisions went in our favour."
When asked whether there were plans to remove the equipment from the site he went on to say, "Obviously both sides are preparing their side of the story, however things are going slowly as we cant even agree on whether MDM suspended the contract or Dragon terminated it"
A bit of investigation into the facts reveals that a press release was published on Miningweb on the 16th of July 2004 in which Dragon acknowledged that a claim was submitted by MDM for variations.
"Unfortunately that was where it ended" comments McCrae, "We had no choice but to eventually issue a note of suspension and if you check the dates this was definitely done before Dragon issued the termination notice." "It is a pity when contracts go this way but we believe that the arbitration process will be fair " he closes.
DRA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
