Antinuclear

Share prices suffer as S.A. uranium companies wrangle

Quasar Resources challenges Alliance in court over Four Mile uranium project, Adelaide Now SARAH MARTIN

• June 15, 2010 QUASAR Resources is accusing junior joint venture partner Alliance Resources of frustrating development of the Four Mile uranium mine in SA’s north. Documents obtained from the Supreme Court show the mining company has launched a counterclaim against Alliance, which took action against Quasar last year………Late last year, the partners became adversaries after Quasar attempted to lodge a Native Title Mining Agreement (NTMA) for the mine without Alliance’s approval.

  Alliance Resources launched proceedings against Quasar, accusing it of breaching its authority and exposing Alliance to costs associated with the operating Beverley mine.

  State authorities agreed with Alliance, insisting the company be a joint signatory to the agreement, meaning a mining lease could not be granted………..

  Quasar is also claiming Alliance won’t agree to an alternative Native Title Agreement until Quasar and its affiliate, Heathgate, “enter into an agreement with Alliance (in which) Alliance obtains a commercial benefit in its own right, rather than for the Joint Venture which is unrelated to the registration of the NTMA.”

  The Advertiser understands the “commercial agreement” refers to the marketing rights for the uranium……….The legal battle has taken its toll on mining company Alliance Resources, with its share price halving since court action began last October. Quasar Resources challenges Alliance in court over Four Mile uranium project | Adelaide Now

June 15, 2010 - Posted by Christina Macpherson | legal, South Australia, uranium | antinuclear, Australia, nuclear costs, South Australia, uranium