LONDON, UK / ACCESSWIRE / April 19, 2022 / Anglo Pacific Group PLC (the "Group" or "Anglo Pacific") (LSE:APF) (TSX:APY) is pleased to announce a favourable judgment with respect to its legal dispute with Quasar Resources Pty Ltd ("Quasar"), the owner and operator of the Four Mile uranium mine ("Mine") over which the Group has a 1% net smelter return royalty.
Anglo Pacific and Quasar have been engaged in a legal dispute since 2016 over the level of allocable charges being applied to calculate net smelter return revenue subject to the Group's royalty entitlement. On 13 April 2022, the Supreme Court of Western Australia ruled in favour of the Group's position that none of the costs incurred at the Mine or at the Beverley plant, where the mineral products are processed into a concentrate, should be applied as permitted allocable charges.
The parties must now finalise orders to be submitted to the judge by 22 April 2022. The Group will make a further announcement after such date detailing amounts owed to the Group from Quasar and the future application of the royalty. Quasar have 21 days from the date the final orders are made by the judge to appeal the decision.
For further information:
Anglo Pacific Group PLC | +44 (0) 20 3435 7400 |
Marc Lafleche - Chief Executive Officer |
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Website: | www.anglopacificgroup.com |
Berenberg | +44 (0) 20 3207 7800 |
Matthew Armitt / Jennifer Lee / Detlir Elezi |
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Peel Hunt LLP | +44 (0) 20 7418 8900 |
Ross Allister / Alexander Allen / David McKeown |
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RBC Capital Markets | +44 (0) 20 7653 4000 |
Farid Dadashev / Marcus Jackson / Jamil Miah |
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Capital Market Communications Limited (Camarco) | +44 (0)20 3757 4997 |
Gordon Poole / Owen Roberts / Charlotte Hollinshead |
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Notes to Editors
About the Group
Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The Group's strategy is to become a leading natural resources company through investing in high quality projects in preferred jurisdictions with trusted counterparties, underpinned by strong ESG principles. It is a continuing policy of the Group to pay a substantial portion of these royalties and streams to shareholders as dividends.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Anglo Pacific Group PLC
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https://www.accesswire.com/697910/Anglo-Pacific-Group-PLC-Announces-Favourable-Four-Mile-Legal-Dispute-Ruling
