European Nickel Release re Forestry Permit
17 Mayo 2010 - 4:04AM
UK Regulatory
TIDMRMLA
RNS Number : 0257M
Rusina Mining NL
17 May 2010
Monday 17th May, 2010
Rusina Mining NL
("Rusina" or the "Company")
European Nickel Release re Forestry Permit
Please find below a release from Rusina's proposed merger partner, European
Nickel PLC (AIM, PLUS: ENK), regarding the requirement for the forestry permit
for the Çaldag project in Turkey to be reissued under the new Mining Law.
Rusina has obtained independent legal advice on this issue and confirms the view
that this is a technical legal matter that is expected to be resolved upon the
passing by parliament of Turkeys new Mining Law.
Rusina's board will continue to monitor issues at Çaldag and will keep
shareholders fully informed of all developments.
For further information, please contact:
Mark Hanlon Rusina Mining Tel: +61 8 9226
1111
Roland Cornish Beaumont Cornish Tel: +44 (0) 207 628
3396
"Çaldag Forestry Permit needs to be re-issued under new Mining Law
14 May 2010 - London: European Nickel PLC ("European Nickel" or the "Company")
(AIM, PLUS: ENK) has become aware that the Turkish Ministry of Environment and
Forestry (the "Ministry") will be required to revoke the forestry permits for
the Çaldag project and that these permits will need to be re-issued under the
terms of a new Mining Law.
Due to a technical legal conflict under the current legislation between the
Forestry Law and the mining regulations, the procedure for the issuance of new
forestry permits to mining companies in Turkey since 11 June 2009 has been
deemed unconstitutional. The Company's three forestry permits were approved by
the Ministry on 3 April 2009.
As previously disclosed in the Company's 2009 annual report, European Nickel is
involved in litigation in respect of the forestry permits and was advised that
the challenges to the permits were not well grounded. However, it is understood
that several decisions made by a High Administrative Court in another unrelated
but relevant case have now been ruled as applying to the Company's forestry
permits. This resulted in cancellation of one of the forest permits and is
expected to cause revocation of the other forestry permits. The Company
understands that the new Mining Law which is expected to resolve the said legal
conflict and its consequences will be presented to the Turkish parliament during
the week of 24 May 2010.
European Nickel has been advised that the re-issuance of the forestry permits
under the new Mining Law will be straightforward and it is expected they will be
issued before the end of the third quarter 2010.
Simon Purkiss, Managing Director, said "It is important to communicate to
shareholders that this cancellation and re-issuance of the forestry permits
revolves solely around legal harmony between the Forestry Law and the mining
regulations and could potentially affect all mining companies who have had a
forestry permit issued over the past 18 months. This is not a continuance of
the broader issues we have faced with the forestry permits in the past.
Our best information to date is that we continue to have the support of the
local and national government for both the re-issuance of the forestry permit
and for the Çaldag project as a whole. We continue to progress our project
financing options and will be pursuing all available options to secure the
issuance of the new permits. The company will update the market on this matter
in due course".
For more information, please visit www.enickel.co.uk or contact:
Simon Purkiss or Andrew Lindsay, European Nickel Tel: 020 7290
3130
Andrew Chubb or Tarica Mpinga, Canaccord Adams Tel: 020 7050 6500
Alex Buck, BuckBias Tel: 07932 740 452"
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUGUAUPUUBM
Rusina Mining Nl (LSE:RMLA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Rusina Mining Nl (LSE:RMLA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Rusina Mining (London Stock Exchange): 0 recent articles
Más de Rusina Mining NL Artículos de Noticias