Orea Mining (OREA: TSX) said today it received a positive opinion by a reporting judge announcing that the French government’s deemed non-renewal of the Montagne d’Or mining concession is not valid.
Orea Mining holds a major interest in the Montagne d’Or mine development project. It is also advancing the Maripa gold exploration project.
A final ruling is expected by the Administrative Court of Cayenne, French Guiana, on December 24, 2020.
The dispute involved “submitted renewal applications”.
The Montagne d’Or joint-venture (owned 44.99% by Orea and 55.01% by Nord Gold SE (“Nordgold”)) (the “JV”) submitted renewal applications for a 25-year period for two core mining concessions in December 2016. In the absence of a timely decision on the renewal from the Minister of Economy in charge of mines, and in order to protect its rights, the JV filed proceedings in February and March 2019 in the Administrative Court of Cayenne in French Guiana to invalidate any implicit (deemed) refusal as a result of the French government having failed to respond within the legal deadline. The JV also requested that the Court order the Minister in charge of mines render a formal decision prolonging the concessions.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
