Weatherly International PLC Tambao Project Arbitration Proceedings (2526P)
October 23 2012 - 2:00AM
UK Regulatory
TIDMWTI
RNS Number : 2526P
Weatherly International PLC
23 October 2012
Weatherly International plc ('Weatherly')
(Company No. 03954224)
Favourable Preliminary Decisions in Tambao Project Arbitration
Proceedings
Weatherly announce that preliminary decisions have been issued
in arbitration proceedings before the International Chamber of
Commerce (ICC), favourably affecting Weatherly's rights with
respect to the Tambao manganese deposits in Burkina Faso ('the
Tambao Project').
In June 2007, Weatherly entered into an agreement with Wadi Al
Rawda Investments LLC ('Wadi'), which held the rights to exploit
the Tambao Project pursuant to an agreement with the Government of
Burkina Faso ('Burkina Faso') dated 3 April 2007 ('the Agreement').
Weatherly, on behalf of Wadi, completed a feasibility study and
submitted it to Burkina Faso in September 2008.
Burkina Faso has since refused to recognise Wadi's rights to the
Tambao Project and has attempted to negotiate the project with
various third parties. As a result, Wadi commenced arbitration
proceedings before the ICC in Paris to enforce its exclusive rights
under the Agreement in August 2011.
Burkina Faso argued that the arbitration was inadmissible.
In August 2012, Burkina Faso also sought to award the rights to
the Tambao Project to Pan African Minerals Limited ('Pan African')
in exchange for a purported total investment of US$ 650
million.
The ICC Tribunal hearing the proceedings has recently issued a
preliminary decision dismissing Burkina Faso's position that the
arbitration is inadmissible and confirming that the arbitration
will go forward. A final decision on the merits is expected for
2014. The ICC Tribunal has also indicated that notwithstanding the
Pan African agreement, all options for the resolution of the ICC
arbitration proceedings, including the recognition of Wadi's
existing rights to the Tambao Project, remain open.
The Tribunal has expressly indicated that Burkina Faso would
therefore implement the agreement with Pan African at its own risk
and peril pending the determination of the arbitration
proceedings.
About Weatherly
Weatherly is an AIM listed, copper focused mining company, the
principal assets of which are located in Namibia. It currently has
two producing copper mines (Otjihase and Matchless), and is
progressing feasibility studies on projects which will enable
Weatherly to achieve its medium term strategy of establishing a
copper mining business capable of sustaining approximately
20,000tpa of copper at an average industry cost of production for
at least ten years.
The Company also has a 25% stake in an AIM listed company, China
Africa Resources Plc (CAF), which is currently focused on the
development of the lead/zinc project at Berg Aukas in Northern
Namibia.
For further information please contact:
Weatherly International Plc +44 (0) 20 7917 2989
Rod Webster, Chief Executive Officer
Dean Friday, Investor Relations
Canaccord Genuity Limited +44 (0) 20 7523 8350
John Prior, Sebastian Jones
This information is provided by RNS
The company news service from the London Stock Exchange
END
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