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- Lindian Resources (LIN) has filed a notice of appeal in the High Court of Malawi
- The company wants to fight a previous ruling on its right to a stake in the Kangankunde Rare Earths Project
- This appeal comes after Lindian lost its battle with the High Court two months ago
- In 2018, Lindian set out to acquire up to 75 per cent of the project after geologist Michael Saner and the Malawi Ministry of Natural Resources, Energy and Environment signed a consent order
- But Saner revoked his decision and refused to give up his stake and, as a result, Lindian filed a complaint last November
- In May this year, Lindian lost its battle with the High Court of Malawi
- Now an appeal has been lodged, a hearing will take place between the parties for the High Court to make its final judgement
- Company shares have dropped 6.67 per cent and are trading for 1.4 cents each
Lindian Resources (LIN) has filed a notice of appeal in the High Court of Malawi. The company wants to fight a previous ruling on its right to a stake in the Kangankunde Rare Earths Project.
The appeal relates to legal action against South African geologist, Michael Saner and his company, Rift Valley Resource Developments.
Background
In November last year, legal proceedings officially commenced at the High Court hearing to settle the disputes.
The Kangankunde Project has been subjected to litigation and legal claims for over 10 years, and the majority of the disputes are due to Michael’s refusal to relinquish his stake in the project.
In 2018, Lindian was told it could acquire up to 75 per cent of the project after a consent order was signed between Saner and the Malawi Ministry of Natural Resources, Energy and Environment. However, the geologist and Rift Valley notified Lindian he wanted to cancel the earn-in.
As a result, Lindian filed a complaint in November, asserting it was defrauded and misrepresented.
The ruling
In May this year, Lindian lost its battle with the High Court of Malawi. Lindian had six weeks to lodge an appeal and the explorer was committed to pursuing all legal avenues.
The High Court has now set the settlement date of the record of appeal for July 15. Once the record has been received, the Supreme Court of Appeal will set a date for a hearing between both parties.
Company shares have dropped 6.67 per cent and are trading for 1.4 cents each at 11:56 am AEST.