reward calls off deal with martu people

http://www.wabusinessnews.com.au/en-story/1/66014/Reward-calls-off-deal-with-Martu-people

Reward calls off deal with Martu people
28-August-08 by Rebecca Lawson

Aspiring potash producer Reward Minerals Ltd will seek arbitration under the Native Title Act after it called off the commercial offers made to the Martu people over the Lake Disappointment project.

The company said today it had withdrawn all offers with the Western Desert Lands Aboriginal Corporation, the body representing the Martu people.

In March, both parties reached a deal where the Martu people would own more than 10 per cent of Reward in return for permission to develop the project.

However today Reward said both parties were unable to settle on terms of the formal agreement.

"In view of the demands made and the time frame required for negotiations with WDLAC, the company feels it has little choice but to seek arbitration under the provisions of the Native Title Act to move forward," Reward said.

It added that it intended to proceed vigorously along all avenues required to become the first producer of potash in the country.