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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021