Orea receives positive court opinion on Montagne d’Or mining concessions
Orea Mining (OREA: TSX) said today it received a positive opinion by a reporting judge announcing that the French government’s deemed non-renewal of the Montagne d’Or mining concession is not valid.
Orea Mining holds a major interest in the Montagne d’Or mine development project. It is also advancing the Maripa gold exploration project.
A final ruling is expected by the Administrative Court of Cayenne, French Guiana, on December 24, 2020.
The dispute involved "submitted renewal applications".
The Montagne d’Or joint-venture (owned 44.99% by Orea and 55.01% by Nord Gold SE (“Nordgold”)) (the “JV”) submitted renewal applications for a 25-year period for two core mining concessions in December 2016. In the absence of a timely decision on the renewal from the Minister of Economy in charge of mines, and in order to protect its rights, the JV filed proceedings in February and March 2019 in the Administrative Court of Cayenne in French Guiana to invalidate any implicit (deemed) refusal as a result of the French government having failed to respond within the legal deadline. The JV also requested that the Court order the Minister in charge of mines render a formal decision prolonging the concessions.