http://www.proactiveinvestors.com.au/companies/news/819/murchison-metals-provides-chameleon-litigation-update-0819.htmlMurchison Metals (ASX:MMX) has advised that a directions hearing in the proceedings commenced by Chameleon Mining NL (“Chameleon”) against Murchison, Crosslands Resources Ltd and other parties, was held in the Federal Court on 5 February 2009.
At the directions hearing Chameleon sought various orders including that it be permitted to file expert evidence. The effect of the orders sought, if granted, would have been that the provisional trial date of 30 March 2009 would have been vacated and the hearing delayed until mid-2009. In its quarterly report dated 30 January 2009 Chameleon stated that it “maintains its desire to have its claims against Murchison and others determined as expediently as possible”.
Murchison is pleased to advise that Justice Jacobsen refused Chameleon’s application and the hearing
remains set to commence on 30 March 2009.
Murchison notes that in an affidavit filed in support of the application, Chameleon’s solicitor states that, in her belief, if Chameleon is not permitted to adduce the expert evidence which was the basis for the application “it is likely to encounter significant difficulties in proving its case against the Respondents”.
At the hearing the Judge also ordered Chameleon to pay Murchison and Crosslands the third tranche of security for costs in the sum of $225,000 within 14 days. Orders were also made for Chameleon to provide security for costs for the other Respondents.
The next directions hearing is 12 March 2009.
Was very interested this morning, but this was on my mind, could possibly cause it to stay in a range until the decision is handed down. Also thinking of how FMG went up and straight back down in recent days...once Murchisons get over the court case.
I am only guessing here but the Commonwealth will announce some big infrastructure spending in tomorrow nights budget and I suspect Okajee port will be one of the projects included in the budget.
Strongly rumoured in the WA mining community that Oakajee port & rail link funding will be announced in tonight's budget.
Originally MMX & it's JV partner planned to fund the OPR infrastructure but now thanks to the financial crisis the Commonwealth & State Government will play Santa Claus and chip in >$600m.
Yesterday FIRB approval was given to GBG & one of the conditions was they had to support OPR.
Right now OPR already has 3 firm commitments of support.
MMX, GBG, Midwest (Sinosteel) and a host of smaller fe miners. Finally after decades of planning it looks like the Mid-West region is about to take off.
MMX looks like it is tracking the FMG footpath. It is still very early days but once the serious money starts to pour in the future looks more certain. The timing is also looking good. Serious production is at least 2 or 3 years away and hopefully we will be well and truely over the current recession.
GBG has already established a 1500 men work camp building their rail spur and putting down the ground work and ordering equipment to commence production by the end of the year. They have also booked berths 5 & 6 in Oakejee (Geraldton) port.
The only missing ingredient is for China to get back on track and resume it's hunger for iron ore & coal.
oh yeah seen a few helicopters ferrying some suited nobs up to my fishing spot also so they can point at the ocean a lil bit also BUT as far as ANY other developments ...nothing .....
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