OREA, Montagne d'Or and France -time is now for arbitration!Wonderful, French SC conveniently chooses not to rule on the concession renewal. Hmmm. Rather, sends its back to the lower courts rendering both months/years to any lower court decision and adding how much in court costs to a near BK OREA?
Does this take out the OREA request for daily compensation from France if the SC had found in favor of OREA over the French gov’s failure to conform to the original lower court decision?
Oh, there’s lots more fun yet. Didn’t the French supreme council rule last year that the environment now had to be taken into consideration for all legal mining issues?
France is awash in its environmental focus and Macron is hog tied by his previous election promises which saw him sacrifice Montagne D’Or on the alter of political expediency.
So, not only is OREA now waiting for this new lower court ruling but they are still waiting for CAD to decide if they will accept OREA's new submitted approach to paying Nordgold for Montagne d’Or permitting. Then, IF that CAD approval is gained OREA has to get Frances’ permission in terms of accepting this new CAD ratified sanctions payment approach, now well outside their deadline for such decisions.
However, if the lower court rules in favor of OREA – IF, then so what? Do you think that Macron is going to change his mind on the environment? After 15 years do you honestly want to spend another 5-10 years trying to outwait this issue? Do you think the French based environmental groups are going away? Do you think that Nordgold is going to have sanctions lifted? Do you think that even a Chinese entity would make a ridiculous low-ball offer and then that CAD, France, FG would even countenance such move today?
IMHO, if OREA wants to see any compensation for this two decades project they have one option; take France to the Court of Arbitration now.
No stupid demands or claims to get the mine back. Forget the billions that NG claimed the mine is worth. The CofArb' will use the (politically correct) environment issue as a cause for denial.
However, OREA just might be able to build a case around the total misleading by Macron of Columbus Gold/OREA over the almost entire last decade as both a French minister and then President. A well-documented trail that led the company on and on to I believe in the region of US$15 mills in sunken costs, prior to NG taking over (don’t know if they can find any legal way to include NGs costs).
Further, OREA may also be able to go for documented entity stock devaluation that harmed not just the entity but potentially 1000s of small investors, who like wise were misled by the very supportive very public renderings of a major French poiltician, Macron. These mine positives were then blindsided by a series of his statements from 2019 on when Macron publicly turned-on Montagne D’Or to help his reelection efforts (he even admitted in an article druing the election that some would be upset at his change in view)
Such OREA legal CofArb' funding would come from arbitration funders. Then, after their commission (25 -33%) and costs (cases in 3-5 year range US$5-10 mills) are deducted from any award (IF made), OREA should then return any remaining cash to shareholders via share closure.
Not blaming the OREA board but there is nothing asset wise left here, the project is dead. Time for all to move on. Stop hoping against hope and watching the years roll by. Force France to a world court for a decision on damages, or a possible prior out of court legal settlement (as NG set out to do in June 2020 with the 1989 treaty legal move; they had already read the tea leaves).
GLTA – REI