- Celamin (CNL) shares have soared today after reporting the recovery of its stolen stake in the Chaketma Phosphate Project in Tunisia
- More than five years ago, the company’s joint venture partner Tunisian Mining Services illegally transferred away Celamin’s majority interest in the joint venture company, CPSA
- The interest has now been transferred back to Celamin, although the company is still pursuing $6.7 million in costs and damages from Tunisian Mining Services
- Celamin will soon begin an accelerated program to restart Chaketma, commencing with a review of all previous work at the project
- Shares in Celamin have been trading 25 per cent higher for 10.5 cents
North Africa-focused explorer and developer Celamin (CNL) has officially recovered its stolen stake in the Chaketma Phosphate Project in Tunisia.
In February 2015, the company’s joint venture partner Tunisian Mining Services illegally transferred away Celamin’s majority interest in the joint venture company Chaketma Phosphate SA (CPSA).
In September 2020, the Court of Appeal in Tunis ordered the forced return of Celamin’s 50.99 per cent interest in CPSA. The independent expert appointed to oversee the transfer has now confirmed this has been completed.
These proceedings were delayed for several months, with the COVID-19 pandemic leading to the closure of courts in the north African nation.
Celamin is still pursuing $6.7 million in costs and damages from Tunisian Mining Services and will continue processes to recover the funds.
Managing Director Simon Eley said the company is delighted to finally recover the asset in spite of non-compliance by TMS.
“We wish to thank the Celamin team, the Government of Tunisia, our loyal and patient shareholders, our Tunisian supporters and legal advisors for their tireless efforts in facilitating Chaketma’s return. We are very excited to be re-starting work on what is a world-class fertilizer project in Tunisia,” he said.
Celamin will soon begin an accelerated program to restart Chaketma, commencing with a review of all previous work at the project including that completed in the past five years.
Following the review, the company will embark on work to deliver a pre-feasibility study for the phosphate project.
Shares in Celamin have been trading 25 per cent higher for 10.5 cents at 1:50 pm AEDT.