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Koryx Copper Inc V.KRY

Alternate Symbol(s):  KRYXF

Koryx Copper Inc. is a Canadian copper development company focused on advancing the 100% owned, PEA-stage Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia. Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia. The Haib Copper project, Exploration and Prospecting License 3140, is held by Haib Minerals (PTY) Ltd, a Namibian corporation fully held by the Company. It holds the option to acquire up to 80% of three large scale exploration licenses in the copper belt in Zambia. The licenses include Luanshya West project (LEL 23247), Chililabombwe project (LEL 23247), and Mpongwe project (LEL 23248). The licenses cover about 752 square kilometers in the Central African Copper belt. LEL 23247 is situated in the center of the Zambian Copper belt, which forms part of the Central African Copper belt. The three licenses sits on the same side of the Copperbelt, which hosts nine large copper mines.


TSXV:KRY - Post by User

Comment by flowerpoweron Nov 15, 2021 7:10pm
127 Views
Post# 34129610

RE:It's a pure joke........

RE:It's a pure joke........« The situation is not like you described it. Before being accepted on an international arbitration, a company needs to exhaust the local court possibilities. Also, DSM has applied for the review of the decision of the Minister, which is the only way to appeal the decision with the Namibian Constitution. The application has the goal to force the Ministry to reinstate the rights of DSM and re-issue the licence to the company. If this steps works, the company will get the project back. If it does not work, then the company can file an international arbitration based on treaties between Namibia and an other countries. If DSM eventually goes into an international arbitration, it will be for a cash compensation because those treaties doe not have a ruling capacity in the country to reinstate rights but only to get cash compensations. I have requested information form a South African lawyer I know and he mentioned the review procedure normally takes  6 to 9-10 months. It has started in July, so, we are no so far from a decision. I have looked at other cases such as Montero in Tanzania and B2 Gold in Mali and they have all followed the same procedure that DSM is following. Therefore, despite your thinking it seems clear that DSM follows the right path. Also, you need to remember that the  licence has been blocked by the court and the Ministry cannot grant the licence to anyone else. So, they do not have any interest in slowing down the procedure. 
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