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  1. iskandarca
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    05/12/17
    08:43
    Post #: 29369978
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    Tribunal of Braga did not accept injunction of the New Lithium
    Australians lost the first judicial battle in the lithium war in Montalegre

    LUÍSA PINTO
    December 4, 2017, 19:15
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    ADRIANO MIRANDA
    The Australian company New Lithium has just faced the first judicial defeat, with the decision of the Court of Braga not to assess the injunction in which the company requested to replace to Lusorecursos in the presentation of the application for the concession of lithium exploitation in the area of Sepeda, in Montalegre.

    The judge of the court of Braga did not consider the precautionary measure, understanding that the urgency that was invoked by the New Lithium - the extinction of the deadline to make that request of concession that would happen to 7 of December - no longer exists. It is recalled that Lusorecursos made this request on the eve of starting the first hearings of witnesses. The Tribunal de Braga considered there to be "supervenient futility" in the application filed by the New Lithium: "The prosecution of the case is now useless", concludes the judge.

    Lusorecursos is the company headquartered in Braga with whom the State has signed a contract for prospecting and research in the Montalegre concession, whose completion is scheduled for 7 December. The New Lithium was the company to which Lusorecursos has commissioned surveys and research, through a promise to buy and sell that should have passed the definitive last May. Under this agreement, New Lithium would pay more than one million euros to Lusorecursos to be the holder of the contract and proceed to the exploration of a deposit where the surveys carried out point to a potential extraction of ten million tons of lithium oxide .

    Conflict in the lithium of Montalegre will drag itself to 2018
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    NLI Price at posting: 9.7¢ Sentiment: Hold Disclosure: Held
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