These are valid points about the shares being issued to Capri; it does seem to have been premature.
But this isn't a case before a judge. It is before the Warden, who doesn't make a final call. The Warden makes a recommendation to the Minister about whether an exemption should be granted.
The Minister then decides on it, and then can provide an exemption for many reasons, including:
- any other reason which the Minister for Mines and Petroleum considers sufficient to justify an exemption.
(
http://www.dmp.wa.gov.au/Minerals/Exemption-for-Expenditure-5674.aspx).
The intent of these laws is to stop people from landbanking; you have to demonstrate that you are utilising the tenements.
Kidman are utilising the tenements. The WA State Government already gave the project Lead Agency status to help them develop the tenements.
Even if the spurious claims are enough to convince the Warden, the Minister is not going to decide that forfeiture is the best outcome for a project that has already demonstrated an intent to develop the land, and that the State Government have agreed to fast track.
As
@mistie has said, it's just another attempt at greenmail. All the majors deal with the same crap all the time, and it will be beate
