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

Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022
Britain’s ten most-hated shares – w/e 1 July
Stocks and shares

Britain’s ten most-hated shares – w/e 1 July

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
4 Jul 2022
Britain’s most-bought shares w/e 1 July
Stocks and shares

Britain’s most-bought shares w/e 1 July

A look at Britain’s most-bought shares in the week ending 1 July, providing an insight into how investors are thinking and where opportunities may lie…
4 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
The income investor’s dilemma
Income investing

The income investor’s dilemma

Pay attention to dividend growth as well as initial yield when picking income trusts, says Max King.
4 Jul 2022