Saturday, October 25, 2014

London Mining transfers CGMR stake to settle dispute

Wednesday, February 13th, 2013

 

London Mining (LON:LOND) has agreed to transfer its stake in its China Global Mining Resources (CGMR) joint venture to its partner to end a legal dispute between the pair.

The settlement will see all claims dismissed by both London Mining and Wits Basin Precious Metals as well as the joint venture dissolved. No cash is changing hands.

London Mining, which has already written off its stake in CGMR, added the settlement will save on legal costs and bring an end to litigation on an asset that it sees as having no value.

CGMR has been subject to various claims on it by local Chinese parties. The termination of the joint venture means that it will face no further obligations or liabilities for it and can focus on its core businesses, London Mining added.

Its flagship project currently is the Marampa iron ore mine in Sierra Leone.

 

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