Tanami faces damages claims from Metals X
PERTH (miningweekly.com) – ASX-listed Tanami Gold has been threatened with damages, as fellow-listed Metals X moved to reclaim a stake in the Central Tanami gold project, in the Northern Territory.
In February this year, Metals X offered to acquire a 25% interest in the Central Tanami project for A$11-million in cash and the allotment of four-million fully paid ordinary shares. Metals X had also offered to earn a further 50% interest in the project by sole funding all expenditure and costs required to bring the project back into commercial production.
However, later that month, gold miner Northern Star launched a competing bid to gain a majority interest in the gold project, offering to acquire an initial 25% interest in the project for A$20-million, comprising A$11-million in cash and more than 4.2-million fully paid ordinary shares.
Metals X in March appointed solicitors to defend its claim on the Central Tanami project, claiming that Tanami Gold had breached a heads of agreement (HoA) by engaging with Northern Star and putting a deal to shareholders as an alternative to the Metals X transaction. Metals X also claimed that Tanami provided its shareholders with misleading information.
Tanami has refuted these claims.
The gold miner on Thursday reported that it had received a correspondence from Metals X in which the company claimed that it was ready, willing and able to settle upon the HoA, and warning that if Tanami failed to complete the transaction, the company would be liable for damages which could be greater than the difference between the price between the Northern Star and Metals X offers.
Tanami told shareholders that the Metals X claims had no legal or factual basis, and added that it was still obtaining legal advice in the matter.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
