OREA and Montagne d'Or - an environmental win. Guyana: the Golden Mountain rejected by the Constitutional Council
https://reporterre.net/Guyane-la-Montagne-d-or-rejetee-par-le-Conseil-constitutionnel
The Sages have decided. Extending a mining concession on the sole ground that the deposit is being exploited at the time of the expiration of the mining title is unconstitutional. Reason: this provision simply ignores the Environmental Charter, which has constitutional value. However, renewing a mining title is indeed " likely to harm the environment " , ruled the Constitutional Council on February 18, seized by the Council of State following a priority question of constitutionality filed by France Nature Environnement ( FNE )… This seems to be the environmental NGOs going back to the French CC to try to get back in alongside the French gov’ re., the Supreme Court challenge to the Montagne d’Or exploration license renewal. Seems the French CC has now found an environmental clause to use in opposition to license renewal (watch out Auplata, Newmont, Barrick, Reunion, etc).
I am not lawyer, nor am I privy to any inside information, but we seem to have a major misunderstanding or confusion here. IMO, Nordgold are not seeking a Montagne d’Or license renewal in their legal proceedings. Rather, NG want damages for the mine having been blocked and for clearly Macron, etc., having for so long supported this exploration with all the costs to NG and OREA/Columbus gold, and now having turned full against the project. It matters little to NG what the Supreme Court might decide after the Macron election. They can clearly see the opposition and future time spent in French lower court fighting this issue, ad infinitum.
Remember, under the French Russian Investment treaty of 1989 NG is using (or its affiliates), this does not allow for an environmental challenge in court. Yet, I don’t think the NGOs or French gov care one way or the other. They have a grander objective, to stop all future gold mining in FG under the banner of saving the Rainforest and environmental concern. NG knows this and is playing its strongest card for getting a large award out of France (for something France wants to get out of).
Again, French law will not come into play here with Montagne d’Or, but rather that which governs this little (if ever used before) dual nation 1989 treaty. In fact, don’t be surprised if France after the Montagne d’Or case renegotiates this investment treaty with Russia to include environmental opposition.
IMHO, we had better hope that OREA’s Montagne d'Or 45% is in some way included here. Some have talked of reverse merger but I think NG is heading for the London SE, not Toronto. A direct buyout of the 45% by NG (without necessitating a spinoff) would be the most likely simplist approach with France having given approval to pay OREA a portion of the undisclosed award (France gets 100% control).
(I am unsure as to how the royalty clauses with sandstorm and IAG over Montagne d'Or would come inot play here).
GLTA -
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