London Mining transfers CGMR stake to settle disputeWednesday, February 13th, 2013
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.