04/08/2009 - 09:05

Metals Australia slumps on court ruling

04/08/2009 - 09:05

Bookmark

Upgrade your subscription to use this feature.

Shares in West Perth-based Metals Australia have plunged today after a Namibian court ruled two of the explorer's prospecting licences be turned over to their original owner.

Metals Australia slumps on court ruling

Shares in West Perth-based Metals Australia have plunged today after a Namibian court ruled two of the explorer's prospecting licences be turned over to their original owner.

The company's shares recommenced trading today after a trading halt was put in placed pending the outcome of the court decision.

This morning, Metals Australia's shares dived to 1.5 cents, a fall of 51.6 per cent from 3.1 cents before the trading halt was enacted.

The company had two uranium projects in the African country of Namibia, at Mile 72 and Engo Valley, with positive indications reported last year.

In February, the company revealed the exploration licences had come up for renewal, with ownership being contested by their former owner Malakia Joses Amakutuwa.

Yesterday, Metals Australia told the local stock exchange the Namibian High Court had found against the company.

"The board of Metals has a number of concerns with the judgement and has sought and received further legal advice that there are strong grounds for an appeal of the judgement," Metals Australia said in a statement.

At 1029 AEST shares in Metals Australia were 1.8 cents, down 41.94 per cent.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options