CAZ - Cazaly Resources
- Thread starter MalteseBull
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- caz cazaly resources
Does anyone live in perth? Attended the case? been to the cazaly office to have a look at the transcript?
i have tried looking for the transcript or any mention of cazaly on the wa supreme court website and come up with zero search results, am i looking at the wrong court? I think they only post their judgments on the site anyway not transcripts of hearings,
ok bye all
ps if the finding is against cazaly, more likely it will be oversold, so if i don't take the punt and buy in before the judgment is out im gonna paper trade the spike down - assuming there is one, gonna try to pick the dead cat bounce, perhaps this is not the place for stream of consciousness, ok bye again
i have tried looking for the transcript or any mention of cazaly on the wa supreme court website and come up with zero search results, am i looking at the wrong court? I think they only post their judgments on the site anyway not transcripts of hearings,
ok bye all
ps if the finding is against cazaly, more likely it will be oversold, so if i don't take the punt and buy in before the judgment is out im gonna paper trade the spike down - assuming there is one, gonna try to pick the dead cat bounce, perhaps this is not the place for stream of consciousness, ok bye again
I'm no lawyer,but here's my pick:
1. Rio's courier was late with the documents necessary to peg the ground. People are late with tenders all the time and miss out all the time. That's the way the cookie crumbles, and the principle is well-established in the law of most countries, including Australia.
2. The WA law refers to "public interest". Rio hadn't drilled a hole in the area for 20 years. Conversely, Cazaly immediately commenced technical work and entered into some progressive commercial relationships with some big players (eg Echelon, BHP Billiton), with prospects of the WA government receiving some significant mining royalties. So where's the public interest?
3. Therefore the Court is likely to hand the ground over to Cazaly.
I have ignored the point that Mr Bowler, the relevant WA Minister, was sacked for inappropriate behaviour. I am not sure if this included corruption. However, I guess the Court could conceivably take that into account too.
1. Rio's courier was late with the documents necessary to peg the ground. People are late with tenders all the time and miss out all the time. That's the way the cookie crumbles, and the principle is well-established in the law of most countries, including Australia.
2. The WA law refers to "public interest". Rio hadn't drilled a hole in the area for 20 years. Conversely, Cazaly immediately commenced technical work and entered into some progressive commercial relationships with some big players (eg Echelon, BHP Billiton), with prospects of the WA government receiving some significant mining royalties. So where's the public interest?
3. Therefore the Court is likely to hand the ground over to Cazaly.
I have ignored the point that Mr Bowler, the relevant WA Minister, was sacked for inappropriate behaviour. I am not sure if this included corruption. However, I guess the Court could conceivably take that into account too.
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NML's announcement on Thurs 12 July about the Blair North project (25% CAZ) appears to have been rewarded by a mere 4% rise on 12/7 followed by a 2.3& retrace on Friday. Opened even lower at 0.61 today.
Still not much interest being shown here!
Still not much interest being shown here!
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mmmmm CAZ shovelana decision tomorrow....i dont hold but wish i did as i think CAZ will get the tenement...they are in trading halt at the mo and i think i will try to go for a bit of a ride when/if they re-open on a positive announcement....
anyone care to evaluate what 216ish million tonnes at 61.5ish% with an allmost instant offtake agreement with BHP is worth????
anyone care to evaluate what 216ish million tonnes at 61.5ish% with an allmost instant offtake agreement with BHP is worth????
Cazaly Resources loses court battle
Junior explorer Cazaly Resources Ltd has lost its Supreme Court battle to wrest back control of the prized Shovelanna iron ore tenement from resources giant Rio Tinto Ltd.
Three Supreme Court judges rejected Cazaly's appeal to overturn a state decision to terminate the junior's claim to the lucrative iron ore tenement in the Pilbara region of Western Australia.
Cazaly snared Shovelanna in 2005 after Rio Tinto's license over the tenement expired, when a courier failed to deliver renewal documents on time.
Shovelanna has sat in the portfolio of Rio Tinto and its partners - Gina Rinehart's Hancock Prospecting and Michael Wright's Wright Prospecting - since 1981, with little work conducted on the tenement after a 130 million tonne resource was defined early on.
Cazaly quickly arranged financial backing and inked an agreement with BHP Billiton Ltd, which is mining the adjoining Orebody 18 deposit, to process the Shovelanna ore.
However, Rio Tinto appealed to the Western Australia government to invoke its power to refuse certain tenement applications, as allowed under the state's Mining Act, on the grounds of public interest.
The tenement was handed back to Rio Tinto in April 2006 after then WA resources minister John Bowler used his discretion under the act.
Junior explorer Cazaly Resources Ltd has lost its Supreme Court battle to wrest back control of the prized Shovelanna iron ore tenement from resources giant Rio Tinto Ltd.
Three Supreme Court judges rejected Cazaly's appeal to overturn a state decision to terminate the junior's claim to the lucrative iron ore tenement in the Pilbara region of Western Australia.
Cazaly snared Shovelanna in 2005 after Rio Tinto's license over the tenement expired, when a courier failed to deliver renewal documents on time.
Shovelanna has sat in the portfolio of Rio Tinto and its partners - Gina Rinehart's Hancock Prospecting and Michael Wright's Wright Prospecting - since 1981, with little work conducted on the tenement after a 130 million tonne resource was defined early on.
Cazaly quickly arranged financial backing and inked an agreement with BHP Billiton Ltd, which is mining the adjoining Orebody 18 deposit, to process the Shovelanna ore.
However, Rio Tinto appealed to the Western Australia government to invoke its power to refuse certain tenement applications, as allowed under the state's Mining Act, on the grounds of public interest.
The tenement was handed back to Rio Tinto in April 2006 after then WA resources minister John Bowler used his discretion under the act.
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cheers for that...i heard the same thing from another source....pitty for CAZ...wouldve made a for a happy ending.....will they appeal the appeal...???
prawn_86
Mod: Call me Dendrobranchiata
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I have never been a close follower of CAZ, but from the information I do know, it disgusts me that huge companies can just flex their muscle and make something that was perfectly legal not so.
Yet another example of dollars over justice.
Yet another example of dollars over justice.
Sorry to hear of this decision, I held last time CAZ got dudded (last year) and it seems the legalities were black and white in favour of CAZ, but nothing is black and white in W.A. when you're fighting Rio Tinto.
hi all
I must admit I know little about Cazaly except its legal battle, turned out i knew bugger all about that too but I am no legal guy at all, but being at 32c this is not much higher than the pre shoveleana price, what do you all think, has CAZ been oversold, could it be worth more on its other projects? When it initally dumped from $2 to 20c odd 60M shares were traded, when the legal opinion was published nother 60M were traded, yesterday 7M, 7M is about the highest for CAZ apart from the other two occassions. It would seem to my novice mind that keeps getting it wrong, that 1. not as many people sold out and 2. more importantly a lot saw 32c mark as good value. I would say that given that just about every owner was aware of the trading halt, that yesterday saw those that wanted to sell out, given that its been a fairly low vol share in general, apart from the huge events associated with the court case, it may not be so long before it makes some decent gains.
I must admit I know little about Cazaly except its legal battle, turned out i knew bugger all about that too but I am no legal guy at all, but being at 32c this is not much higher than the pre shoveleana price, what do you all think, has CAZ been oversold, could it be worth more on its other projects? When it initally dumped from $2 to 20c odd 60M shares were traded, when the legal opinion was published nother 60M were traded, yesterday 7M, 7M is about the highest for CAZ apart from the other two occassions. It would seem to my novice mind that keeps getting it wrong, that 1. not as many people sold out and 2. more importantly a lot saw 32c mark as good value. I would say that given that just about every owner was aware of the trading halt, that yesterday saw those that wanted to sell out, given that its been a fairly low vol share in general, apart from the huge events associated with the court case, it may not be so long before it makes some decent gains.
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Looks Like CAZ has just become an Iron Ore play without Shovelena.
Significant insider ttrading prior to the close stock up 25% to 45c.
Announcement out after the close.
Change in directors interest notice yesterday
It will be interesting to see if the breakout is maintained.
Cheers
BT
Significant insider ttrading prior to the close stock up 25% to 45c.
Announcement out after the close.
Change in directors interest notice yesterday
It will be interesting to see if the breakout is maintained.
Cheers
BT
It looks to me that CAZ is all over now?? the cost of RIOs legal team will wipe CAZ out, CAZ should have known that you don't try to up set the top end of town.
But is it over? I suppose it is concerning that they haven't traded since. Their website is worryingly devoid of any news. Its almost like they've abandoned it since last week... Any other insights?
Lets see what they come up with tomorrow after the TH is over. I don't like the look of it at all. Far to many people was burnt last time when it run up on hopes, dreams, and a good ramp team, I can still remember all the legal team's that had this case all wrapped up for CAZ, they could not miss out, no way, but no one could see that it was all ways going to be RIO that would win.
