Business
Significant Step Towards Grant of Bhukia PL
Significant Step Towards Grant of Bhukia PL.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1597D Panthera Resources PLC 29 January 2018 \n\n29 January 2018\n \nPanthera Resources PLC\n(\"Panthera\" or \"the Company\")\n \nSignificant Step Towards Grant of Bhukia Prospecting Licence\n \nPanthera Resources plc (AIM: PAT), the gold exploration and development company with key assets in India and West Africa, is pleased to announce a successful resolution to its pending court actions, which represents a further positive step in the permitting process for the Company's flagship Bhukia (70%) project in Rajasthan, India.\nBackground\nFour petitions were filed between 2008 and 2012 to protect the Company's rights to the Bhukia project through its Joint Venture (\"JV\") with MMI Indian Pvt Ltd, from various actions taken by the State Government of Rajasthan (\"GoR\"). Stay Orders were granted by the High Court of Rajasthan (the \"Court\") in favour of the JV in all cases and prevented the GoR from creating \"3rd party rights or interest\" over the tenement area held by the JV under a Reconnaissance Permit (\"RP\").\nSubsequent to these court protections being granted, the JV and the GoR have agreed to proceed to the granting of a Prospecting Licence (\"PL\") over 21.07km2 of the original RP area. The relevant PL area was demarcated in the field by representatives of the JV and the Department of Mines and Geology, Rajasthan (\"DMG\"). As part of this negotiation, the JV agreed to drop all pending court cases.\nPending Cases Withdrawn\nIn a significant step toward a successful resolution, the JV has withdrawn all four outstanding petitions. In accepting the withdrawal, the Court passed an Order which took cognisance of letters from the GoR which record its intent to grant the PL, if the JV gave an undertaking to withdraw all pending court cases. In disposing of all four Writ Petitions the Court Order directed the GoR to take a decision on the grant of the PL application, preferably within three months. Importantly, the Court also gave the JV the liberty to refile and approach the Court with fresh cause if the decision of the GoR is unfavourable.\nBuilding on Other Progress\nChanges to the Government of India Mining legislation in 2015 clouded the validity of many licence applications in India and it has been necessary for the JV's application to be reviewed in light of the...