Corporate: Celamin calls in the ‘repos’ ’cause its ex-JV partner in Tunisia still refuses to pay
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It’s been over two years since phosphate explorer Celamin (ASX:CNL) first won a legal case against its former joint venture partner in Tunisia.
Tunisian Mining Services (TMS) confiscated Celamin’s 51 per cent stake in its Chaketma phosphate project in 2015 alleging non-payment. Celamin took TMS to court and won the case in 2017 plus two appeals in April and September this year.
TMS has been ordered to return the project and pay damages and interest of over $US4.4m ($6.4m).
But TMS is still refusing to comply, so Celamin is applying to seize the company’s other assets including shares it owns in various companies. Celamin has already seized vehicles and foreclosed on property and will receive proceeds from the sale of these shares.
Stockhead has contacted Celamin for comment.
In addition to the phosphate project, Celamin owns two base metals projects, Djebbe and Zeflana. It won permits for these in July 2018 and is applying to extend the area covered by these prospects.
Shares were unchanged this morning but have risen 279 per cent since the company was reinstated to trading in June 2018.
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