Monday, 20 February 2012

Murchison Metals: Federal Court to hand down decision on Chameleon Mining court case

Murchison Metals (ASX: MMX) is expecting a decision today by the Australian Federal Court on its appeal proceedings associated with the litigation commenced by Chameleon Mining against Murchison, Crosslands Resources and other parties.

Murchison previously announced the litigation has been settled and as a result the court’s decision has no commercial impact on Murchison or Crosslands.

The settlement of the Chameleon litigation was a condition precedent, imposed by Mitsubishi Development, to the sale of Murchison’s interest in Crosslands and the Oakajee Port and Rail infrastructure projects for $325 million.

Murchison believed the Mitsubishi transaction, which was finalised yesterday, was unlikely to proceed if the condition requiring the settlement of the litigation was not accepted.

The company believed settlement of the dispute was the best way forward to allow it to secure funding to replace its debt facility which is due for repayment in April.

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