The legal hurdles surrounding Paladin Resources Ltd's Kayelekera mine in Malawi has been removed, with all six Malawian Civil Society organisations challenging it having withdrawn their cases, the Subiaco-based mineral explorer has announced.
Four of the six groups withdrew their challenges last week.
The full text of a company announcement is pasted below
Reference is made to the Company's announcement of 8 November 2007.
The Board of Directors of Paladin Resources Ltd is pleased to announce that all six Malawian Civil Society Organisations ("CSO's") that commenced legal proceedings against Paladin Africa Ltd and the Government of Malawi have now settled their action on a positive and amicable basis, with the terms of settlement being as described in the 8 November announcement.
Each Party to the settlement has released each other from all actions and claims associated with the litigation and each Party has agreed to not recommence litigation.
The court proceedings will be formally withdrawn within the next 7 days.
The Paladin Board considers that this settlement represents a win for the Nation of Malawi and its people and now the country can look forward to the establishment of a modern mining industry which will provide jobs and national wealth generation, whilst operating to international best practice.
