Regarding the legal title.
These assurance were made when its was in liquidation last time. Further conditions were added at the previous renewal. They were not met and therefore in breech of the Ministers Conditions.
The court has restrained the company from moving forward on multiple levels. The company would prefer to call it a 'Hiatus '.
One needs to look at the whole situation in its enrirety, then ask themselves the question-
Why would the licence be renewed? And how would that happen?
FWIW - The dream could already be over and some just dont want to accept it.
Mining Minister's Office
Friday September 3rd 2010. National Newspaper.
Addressed to the Mt Kare Landowners
-DEVELOPMENT OF MT KARE-
He states-
.."That exploration and mining companies operating in the country must demonstrate to the government that they have the technical experience and financial capacity to develop their projects from exploration through to mining...
.. The government has a duty to mange its peoples expectation and when we continue to renew exploration licences time and time again with very little or no tangible evidence of value adding in terms of proving up additional resources then we have provided false hope for our people. Most times such lack of progress is due to the fact that these exploration licence holders do not have the funds to continue to work on their approved work programs".
IDC Price at posting:
1.1¢ Sentiment: None Disclosure: Not Held
