Settlement reached over Madagascar mining licence – Bushveld Minerals

14th June 2016 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals’ subsidiary Lemur Resources has reached a settlement with a claimant Rahajasoamampionona Ramiaramanana over mining licence 4578 within Lemur’s Imaloto power project coal concession, in Madagascar.

Under the terms of the settlement agreement signed between Lemur’s operating entity Coal Mining Madagascar and the claimant, the claimant undertook to give up all claims pertaining to the mining licence.

"We welcome the settlement, which confirms Lemur’s ownership of mining permit 4578, an important part of the Imaloto coal project. The settlement paves the way for Lemur to take forward the development of its Imaloto coal and power projects,” said Bushveld Minerals CEO Fortune Mojapelo.

He added that the agreement would allow the next stage in the development of the Imaloto project to be implemented as an integrated mine to power and transmission project, providing a captive market for its coal resource and unlocking the intrinsic value in the underlying project.

This settlement put an end to a long-running legal dispute in respect of mining licence 4578.
In addition to reaffirming Lemur's ownership rights over the permit, the settlement also confirmed Lemur’s longstanding belief in Madagascar as an emerging investment destination in Southern Africa.