AAR 7.23% 8.9¢ anglo australian resources nl

is history a stumbling block...

  1. 13,344 Posts.
    Have I overlooked this? I have searched for a resolution to this but not found anything definative.......
    "Each of the 6 mining leases were plainted by an individual earlier this year and notices of defence have been served on the plaintiff.".......hhhhhmmm

    "04/06/02 Acquires 100% Interest in Koongie Base Metal Properties WA"
    http://www.anglo.com.au/investors-archived.asp

    "Anglo Australian Resources NL (AAR) has completed negotiations with Barrick Gold of Australia Limited (Barrick) whereby Barrick’s subsidiary company Lachlan Resources NL (Lachlan) has agreed to terminate the Koongie Joint Venture (Koongie JV) (in which AAR has an interest of 44% and Lachlan an interest of 55%) and transfer all of its rights, title and interests in and under the Koongie JV agreement and all property comprehended by that agreement to AAR.

    Lachlan will transfer its interest in the Koongie JV to AAR for nil consideration,provided that all rents are paid for the current year, and with an undertaking from Lachlan to contribute to the legal costs of defending the plaints. In return, AAR will release Lachlan from any claims or liabilities in respect of the Koongie JV.

    AAR will then hold 100% of the subject area, which consists of 6 mining leases and property located 25km southwest of Halls Creek in the Kimberley region of
    Western Australia.

    Each of the 6 mining leases were plainted by an individual earlier this year and notices of defence have been served on the plaintiff. AAR will continue the defence of these applications and believes that there are adequate and competent grounds to defeat them given the history and extent of exploration on the subject area."
 
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