Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Strike Resources on Thursday told shareholders that an injunction prohibiting the company from working on its Peruvian assets, had been lifted.
In February this year, a Peruvian court granted an injunction restraining Strike’s local companies from working on the mining concessions. The injunction had been made without the Strike companies being aware of the proceedings.
The injunction reportedly related to a dispute regarding a 2006 agreement under which a Strike subsidiary acquired 14 mineral concessions from Minera los Andres y el Pacifico S.A, which were subject to an option in favour of Millenium Trading.
Millenium forfeited its options under an option termination agreement, and in return was granted the right to conduct small-scale mining operations at one of the concession areas, which was to be subsequently determined.
Agreement on which concession was to be mined could not be reached, and the matter was referred to arbitration in 2010, but no result has been forthcoming.
Strike said on Thursday that following legal action from its legal council in Peru, the injunction had been revoked.
Meanwhile, Strike also told shareholders that it would conduct a full strategic review of its assets, with the help of an independent adviser.
The company has previously said that it was reviewing its commitment to continue to sole fund the advancement of its Peruvian projects in the hopes of reducing its operational and administrative expenses in the country.