In the newest development in the highly contested renewal of its licence in Haib Copper, Deep-South Resources Inc. (TSXV: DSM) reported yesterday that the High Court of Namibia ordered the country’s mining ministry to file the documents supporting refusal to renew. The court order was handed down during the hearing held on September 16, 2021.
The licence renewal was originally refused by Namibia’s Ministry of Mines and Energy citing the company’s “inability to advance the license to pre-feasibility and complete the proposed drilling program as planned.” The mining firm counterargued and maintained that the ministry was aware of the plan to upgrade the pre-feasibility study to a preliminary economic assessment and a full feasibility study.
Haib Minerals, the company’s subsidiary contesting for the licence in the country, will have until October 21, 2021 to supplement or amend its own documents presented to the court after the government ministry files its supporting documents.
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The high court is expected to hold another hearing on October 28, 2021. Currently, the mining ministry is also restricted by the court to award the licence for the contested property to any party while the case is still ongoing.
Deep-South Resources Inc. last traded at $0.06 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
