EMA jumps on court victory

Shares in Energy and Minerals Australia have jumped as much as 39 per cent today after a Supreme Court victory which allows the company access to tenements containing the Mulga Rocks uranium deposit.

Justice Rene Le Miere today dismissed action brought about by private outfit Yarri Mining, which claimed minimum expenditure was not met on several tenements.

The trial between EMA and Yarri was heard late last year and the decision was reserved until today.

Yarri has 21 days to lodge an appeal.

"The legal action by Yarri Mining presented an unproductive distraction from the Company's pursuit of increased shareholder value," EMA said in a statement.

Shares in EMA jumped 11 cents or 39 per cent to a high of 40c before easing to 37c at 15:50 AEST.