Arizona Court upholds Vane Minerals' lawsuit against Department of Interior

AIM-listed copper, gold and silver mining company Vane Minerals has issued a legal update relating to its ongoing court proceedings with the US Department of the Interior.

AIM-listed copper, gold and silver mining company Vane Minerals has issued a legal update relating to its ongoing court proceedings with the US Department of the Interior.

According to a trading statement issued by Vane on Friday morning, an attempt by the US Department of Interior to dismiss lawsuits filed by Vane, challenging its withdrawal of lands, faced a setback on January 8th, after the US District Court of Arizona denied all but one of the Department of Interior's claims.

As a result of the court order, the lawsuits will proceed and oral arguments will be heard on March 1st.

The development follows Vane's decision to join legal proceedings with the National Mining Association and Nuclear Energy Institute against the US Department of Interior in June 2012.

Vane is seeking compensation for damages it sustained by the Department of Interior's withdrawal of over one million acres of federal lands in northern Arizona.

According to Vane, the withdrawal of land prevented it from carrying out activities on 678 mining claims including claims held by its joint venture with U1, on which Vane said it had invested several years and several million dollars in an effort to develop uranium.

VML's share price was unchanged at 0.78p at 09:31 on Friday morning.

MF

Recommended

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022