EMA wins Mulga Rocks fight
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Energy and Minerals Australia (EMA) shares have closed 11 per cent higher after the company announced the Court of Appeal had dismissed an appeal brought by Yarri Mining to take control of the Mulga Rocks project.
The matter was heard in the Supreme Court in February and today the Court of Appeal handed down its decision against the mystery company.
In a statement Energy and Minerals Australia said, "The opportunistic action by Yarri Mining was a significant impediment to the Company's growth and investor appeal."
"Removal of this impediment will allow development of the Mulga Rocks Project to be accelerated," the statement said.
"The success in the Supreme Court today will allow the Company to vigorously pursue resolution of the outstanding Plaints and Applications in the Warden's Court."
Very little is known about Yarri Mining.
The company has 28 days to lodge an application for special leave to appeal to the High Court.
Energy and Minerals Australia shares closed up 2 cents at 20 cents.
See full statement below:
Energy and Minerals Australia Limited (ASX: EMA) is pleased to announce the dismissal of the Supreme Court appeal brought against its subsidiary Narnoo Mining Pty Ltd. The matter was heard by the Court of Appeal of the Supreme Court of Western Australia on 17 February 2010. The Court of Appeal has today handed down judgement unanimously dismissing Yarri Mining Pty Ltd's ("Yarri Mining") appeal.
The opportunistic action by Yarri Mining was a significant impediment to the Company's growth and investor appeal. Removal of this impediment will allow development of the Mulga Rocks Project to be accelerated.
The success in the Supreme Court today will allow the Company to vigorously pursue resolution of the outstanding Plaints and Applications in the Warden's Court. The Company does not believe the Plaints or Applications have a reasonable prospect of success and looks forward to final resolution of these matters.
Yarri Mining has nominal capital and a single overseas shareholder of untraceable origin. It has 28 days to lodge an application for special leave to appeal to the High Court.