Monument Mining obtains Malaysia federal stay order pending hearing
TORONTO (miningweekly.com) – Malaysia-focused gold producer Monument Mining has obtained a stay from the Federal Court against the Court of Appeal's order forcing it to deposit $9.4-million into a joint account maintained by legal counsels of the respective parties to a lawsuit regarding a claimed interest in the Selinsing mine’s profit.
Vancouver-based Monument on Monday said the stay was pending a hearing of the motion for leave to appeal at the Federal Court of Putrajaya, scheduled on December 9. The full trial of the matter had been fixed for February 14 and 15, 2015.
On October 10, 2012, plaintiff Selinsing Mine, a company owned by Australian private firm Kesit, owned and controlled by Peter Steven Kestel and his wife, filed a writ and statement of claim against Monument and its subsidiaries, Selinsing Gold Mine Manager and Able Return.
Kestel claimed, among other things, a 5% ‘joint venture interest’ in the profit of the gold output from one of the tenements of Monument's Selinsing mine, located in the Malaysian state of Pahang.
The plaintiff was the previous sublease holder and operator that sold the Selinsing mine to Monument and its subsidiaries “free and clear of any encumbrances”.
The transaction was closed on June 25, 2007, and the plaintiff was paid in full.
Monument pointed out that the claim was not made until 2012, denying that the plaintiff had any interest in the Selinsing mine. The company intended to continue to “vigorously defend this claim”.
During Monument’s 2014 financial year ended September 30, it produced 35 983 oz of gold from Selinsing, at cash costs of $613/oz.
Monument had also during the year acquired the Mengapur polymetallic project, in Malaysia, and the Murchison gold project, in Australia.
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