agree what a cop-out take the easy path.
bottom line is this ... the parties now need to nut out a deal acceptable to all.
Big upside for all still to be had ... including s/holders
RWD - Reward Minerals
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agree what a cop-out take the easy path.
bottom line is this ... the parties now need to nut out a deal acceptable to all.
Big upside for all still to be had ... including s/holders
d_chrome
as reward stated in their ann, it was not within the tribunal's jurisdiction legally to impose commercial terms - ie if they had imposed commercial terms, the imposing of the terms (and consequently the terms themselves) would have been beyond the power of the tribunal and as such have no legal standing (if and when successfully appealed against)
generally speaking (dangerously so) courts and tribunals don't impose new commercial terms on parties (they do however uphold or otherwise commercial terms as agreed between parties regularly in disputes), these the judiciary believe are best determined as between the parties who ought have a better understanding of the commercial dealings involved
cheers
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Happy_T,
Thanks for that.
So the whole point I'm gathering of this process was to get the original agreement enforced??
Or did RWD want to offer less once the NT's had pulled out?
I guess that needs a little more clarity.
I guess I'm overall disappointed in both parties - I'd originally purchased RWD once they'd made that agreement with the NT's - I really wanted to support a company that for ONCE was acting in a socially responsible manner and doing the right thing for the community as well as themselves.
That's probably why this outcome is more disappointing to me than if this had been a typical agreement where the locals were ripped off by an unscrupulousness miner and left with nothing - then I'd have cheered whole heartedly for an outcome like this.
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Disclaimer - I'm an internet idi@t and take no heed to my rants.
Thanks for that.
So the whole point I'm gathering of this process was to get the original agreement enforced??
Or did RWD want to offer less once the NT's had pulled out?
I guess that needs a little more clarity.
I guess I'm overall disappointed in both parties - I'd originally purchased RWD once they'd made that agreement with the NT's - I really wanted to support a company that for ONCE was acting in a socially responsible manner and doing the right thing for the community as well as themselves.
That's probably why this outcome is more disappointing to me than if this had been a typical agreement where the locals were ripped off by an unscrupulousness miner and left with nothing - then I'd have cheered whole heartedly for an outcome like this.
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Disclaimer - I'm an internet idi@t and take no heed to my rants.
unfamiliar with the original agreement as between reward and martutians, has their been one?
what is obvious is that the martutians are seeking more agreeable commercial terms (than have been previously discussed as between the respective parties) in any agreement with reward
cheers
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Happy_T,
This is from the company website:
http://www.rewardminerals.com//index.php?option=com_remository&Itemid=2&func=startdown&id=105
TRADITIONAL OWNERS FULLY SUPPORT REWARD MINERALS LIMITED LAKE DISAPPOINTMENT POTASH PROJECT ASX RELEASE 31 MARCH 2008 ASX: RWD Indigenous Energy Pty Ltd (IndiEnergy), as exclusive commercial advisor for the Martu people, is pleased to announce that Western Desert Lands Aboriginal Corporation (WDLAC) as the prescribed body corporate holding on trust the determined native title rights and interests of the Martu people, the traditional owners of the land upon which Lake Disappointment is located, and Reward Minerals Ltd (Reward) have agreed commercial terms and signed a term sheet in relation to the Lake Disappointment potash project. This paves the way for a comprehensive mining agreement allowing Reward full access to test and ultimately develop their exciting potash development. Martu fully supports Michael Ruane, Managing Director of Reward, in his endeavours to accelerate the project to reach its full potential in a timely fashion. Mr Joe Procter, Principal of IndiEnergy, said today: These excellent commercial terms were recently accepted at a full community meeting after lengthy negotiations over an eight month period. We believe the presence of generous indigenous equity component as part of the transaction is the way of the future in mining negotiations. Reward has offered equity in a bid to align the future interests of both parties - an innovative strategy which also acknowledges the strength of Martu rights. This outcome clearly demonstrates that progressive companies like Reward are respectful of Martu’s rights and that Reward also appreciates the Martu’s ability to act in a professional and commercial manner. WDLAC Chairman Mr Teddy Biljabu, Community Leader, Mr Brian Samson and WDLAC Chief Executive Officer, Mr Clinton Wolf, issued a joint statement today: We fought long and hard to secure the Martu’s native title rights and now reap the benefits of standing united. Martu are a proud group of traditional desert people who possess significant native title rights. We expect honesty and fair value in exchange for our co-operation, along with an underlying assumption of equity in any project on our land. Gone are the days of the big
boys treating us like we are speed bumps in our own country. By signing the term sheet with
Reward, we have clearly demonstrated that we will support companies who respect us as the
rightful owners, who offer fair value and who act in a transparent, professional and commercial
fashion.
We are pleased and excited to be moving forward with Reward on this project and will do
everything in our power as true business partners to accelerate project development..
This is from the company website:
http://www.rewardminerals.com//index.php?option=com_remository&Itemid=2&func=startdown&id=105
TRADITIONAL OWNERS FULLY SUPPORT REWARD MINERALS LIMITED LAKE DISAPPOINTMENT POTASH PROJECT ASX RELEASE 31 MARCH 2008 ASX: RWD Indigenous Energy Pty Ltd (IndiEnergy), as exclusive commercial advisor for the Martu people, is pleased to announce that Western Desert Lands Aboriginal Corporation (WDLAC) as the prescribed body corporate holding on trust the determined native title rights and interests of the Martu people, the traditional owners of the land upon which Lake Disappointment is located, and Reward Minerals Ltd (Reward) have agreed commercial terms and signed a term sheet in relation to the Lake Disappointment potash project. This paves the way for a comprehensive mining agreement allowing Reward full access to test and ultimately develop their exciting potash development. Martu fully supports Michael Ruane, Managing Director of Reward, in his endeavours to accelerate the project to reach its full potential in a timely fashion. Mr Joe Procter, Principal of IndiEnergy, said today: These excellent commercial terms were recently accepted at a full community meeting after lengthy negotiations over an eight month period. We believe the presence of generous indigenous equity component as part of the transaction is the way of the future in mining negotiations. Reward has offered equity in a bid to align the future interests of both parties - an innovative strategy which also acknowledges the strength of Martu rights. This outcome clearly demonstrates that progressive companies like Reward are respectful of Martu’s rights and that Reward also appreciates the Martu’s ability to act in a professional and commercial manner. WDLAC Chairman Mr Teddy Biljabu, Community Leader, Mr Brian Samson and WDLAC Chief Executive Officer, Mr Clinton Wolf, issued a joint statement today: We fought long and hard to secure the Martu’s native title rights and now reap the benefits of standing united. Martu are a proud group of traditional desert people who possess significant native title rights. We expect honesty and fair value in exchange for our co-operation, along with an underlying assumption of equity in any project on our land. Gone are the days of the big
boys treating us like we are speed bumps in our own country. By signing the term sheet with
Reward, we have clearly demonstrated that we will support companies who respect us as the
rightful owners, who offer fair value and who act in a transparent, professional and commercial
fashion.
We are pleased and excited to be moving forward with Reward on this project and will do
everything in our power as true business partners to accelerate project development..
unfamiliar with the original agreement as between reward and martutians, has their been one?
what is obvious is that the martutians are seeking more agreeable commercial terms (than have been previously discussed as between the respective parties) in any agreement with reward
cheers
it is interesting that they have indicated the signing of a term sheet which then paves the way for a comprehensive mining agreement
which indicates to me (from the ann you posted) that they have not signed a mining agreement, only a term sheet (which possibly only lays out the terms of a potential agreement as opposed to a legally enforceable mining agreement)
again though i don't know enough about the ongoing discussions, nor the term sheet and its legal standing
it would appear however, that the senior member did not find a legally enforceable agreement which indicated the martutians had given the required consent
cheers
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damn this stock took me to the cleaners today!
i bought in moments before the trading halt and expecting it to remain
in a halt until monday,went out for a snack only to return and find it
trading in full swing and 35% below my purchase $$$
no time for a stop loss before the halt ,and wouldve been much higher
than the reopening price anyway,
finally i bailed out at 45 cents in late trade.
some days you hit it.... some days you get hit.
i bought in moments before the trading halt and expecting it to remain
in a halt until monday,went out for a snack only to return and find it
trading in full swing and 35% below my purchase $$$
no time for a stop loss before the halt ,and wouldve been much higher
than the reopening price anyway,
finally i bailed out at 45 cents in late trade.
some days you hit it.... some days you get hit.
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OPPORTUNITY to see one of the directors bought 40000 shares when the market dived.
Fishy ??
Let us see on Monday
Fishy ??
Let us see on Monday
Sean K
Moderator
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Well, I really thought that they would eventually get to mine.
So much money involved and yet.....
LAKE DISAPPOINTMENT – FEDERAL ATTORNEYS DECISION
ASX RELEASE
28 JULY 2009
Reward Minerals Ltd advises that it has received the decision the Attorney General of Australia in respect of the Company’s request that the Attorney General overrule the National Native Title Tribunal decision not to grant a Mining Lease over the Lake Disappointment Potash resource.
The Attorney General’s decision is that it is not in the National interest or in the interest of Western Australia to overrule the NNTT, thus the decision of the Tribunal remains in place namely that the Act must not be done and that the Company’s Mining Lease application at Lake Disappointment should not be granted.
So much money involved and yet.....
LAKE DISAPPOINTMENT – FEDERAL ATTORNEYS DECISION
ASX RELEASE
28 JULY 2009
Reward Minerals Ltd advises that it has received the decision the Attorney General of Australia in respect of the Company’s request that the Attorney General overrule the National Native Title Tribunal decision not to grant a Mining Lease over the Lake Disappointment Potash resource.
The Attorney General’s decision is that it is not in the National interest or in the interest of Western Australia to overrule the NNTT, thus the decision of the Tribunal remains in place namely that the Act must not be done and that the Company’s Mining Lease application at Lake Disappointment should not be granted.
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I was so wrong when saw something fishy with the purchase back in May . Since then Lake Disappointment only disappointed its shareholders with a hard blow with Attorney General's decision not grant mining to RWD. Really a sad story.
Sorry holders but when RWD opens it will be a real crash
Just reading between the lines, the RWD bit to mine potash in Lake Dissapointment looks stuffed: they didn't even mention Lake Reward in their latest market update. What is it with the Native title People? Scotching this deal seem to have cost the Martu people a conservative $10,000 per person per year for doing sod-all!
Reward minerals has gone ballistic this morning. Someone seems to have bought almost all the available stock; Suggests that someone inside has got hold of some drilling results from their Carnarvon venture, or maybe their Lake McKay play. On past performances you could expect the RWD sp to be north of $1.10 pretty sharply.
It's been a long time between posts on this one.
Any thoughts on the prospects for Reward? It has fallen to 69c and seems to have a downward trend with a few spikes of excitement in 2011.
Is the major limiting factor for this stock getting resolutions to native title? The price for potash seems stable - http://www.infomine.com/investment/metal-prices/potash/5-years/ .
Also, could the current downward trend suggest some capital raising in the works?
Cheers
P.S. I'm a bit of a new-b, do am watching a few stocks to learn the ropes
Any thoughts on the prospects for Reward? It has fallen to 69c and seems to have a downward trend with a few spikes of excitement in 2011.
Is the major limiting factor for this stock getting resolutions to native title? The price for potash seems stable - http://www.infomine.com/investment/metal-prices/potash/5-years/ .
Also, could the current downward trend suggest some capital raising in the works?
Cheers
P.S. I'm a bit of a new-b, do am watching a few stocks to learn the ropes
You'll learn to put all downward trending stocks on a watch list.
Picking bottoms is hard, and you'll have to see signs of a bottom and start of a new trend to jump in.
I am looking to see if it will bounce off its lows in March 2011 (low 60c).