HALF YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
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Kidman Resources Limited
Review of operations 31 December 2017
Forfeitures
From 14-16 November 2017, the Mining Warden in Perth WA heard applications for exemption from expenditure in relation to 13 tenements held by Kidman’s subsidiaries. The applications for exemption were made under section 102 of the WA Mining Act and relate to expenditure years ending in the period August 2015 to March 2016 (ie: before Kidman acquired the Mt Holland Project).
The Mining Warden considers the evidence given at the hearing and makes a written recommendation to the WA Minister for Mines as to whether the applications should be granted, and the Minister will determine the applications. If the Minister grants the applications for exemption, the forfeiture claims regarding those tenements will be dismissed. If the applications for exemption are not granted, the forfeiture claims will be heard by the Mining Warden who will then make a written recommendation to the Minister, and the Minister will determine the applications. Recommendation from the Mining Warden are pending.
The consolidated entity has received legal advice and is of the view that the claim is opportunistic and without merit given the evidence demonstrates that the required expenditure was met. The consolidated entity expects that the Warden recommends to the Minister of Mines, IR and Safety for the exemptions to be granted and expects this legal action be concluded during 2018.
Maybe they could have used a different subheading.
KDR Price at posting:
$1.27 Sentiment: Hold Disclosure: Held
