Mt Mulligan Settlement & Proposed National Park Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, advises that it has reached a Pre Trial Settlement with Calcifer Industrial Minerals Pty Ltd (Calcifer) in relation to the Supreme Court Action over the Mt Mulligan Coal and CBM Tenements in North Queensland. Mantle also advises that as part of the settlement process, discussions between Mantle’s tenement managers and relevant Government Departments regarding the tenement transfers have revealed recent developments towards a proposed National Park over Mt Mulligan. 1. Court Case: Mantle subsidiaries and Calcifer have reached a pre trial settlement by which the parties agreed to the Supreme Court making a number of orders in resolution of the dispute. Pursuant to those orders: • Calcifer shall take all steps required to perfect the assignment of EPC 772 and ATP 718 (once granted) to Trafford Coal Pty Ltd and Mt Mulligan Coal Pty Ltd, • Calcifer shall execute the Indigenous Land Use Agreement (ILUA) in the form as already agreed between Mantle and the traditional custodians, and • Calcifer shall pay to Mantle its standard costs of the proceedings. These orders reflect complete success for Mantle’s subsidiaries on their claims in the proceedings. 2. Proposed National Park: In discussions over the ensuing tenement transfers with the relevant Queensland Government Departments, it has come to Mantle’s attention that: • Mt Mulligan is now designated as Sterile Land with the apparent intention of a declaration as a National Park, • Up to this point, Mantle has been unable to meaningfully engage with the Departments regarding the tenements because Mantle was not recorded as the tenement holder. Mantle will now proceed to finalise the pre trial settlement and then move to progress the ILUA and other associated documents into an Authorisation (signing) ceremony with the traditional custodians. With the assignment of the tenements being able to proceed, the Mantle subsidiaries will be able to be recorded as the tenement holders. Mantle will be able to engage directly with the relevant Government Departments and will, as a matter of priority, lodge enquiries to determine the situation as relates to the proposed National Park and work with those Departments and the traditional custodians towards the most appropriate strategy to progress the project.
MNM Price at posting:
14.4¢ Sentiment: Hold Disclosure: Held
