Gold minnow 3D Resources sees light at the end of the tunnel in Haitian dispute
Mining & Resources
A dispute between 3D Resources and its Haitian mining partners could be close to a resolution, paving the way for the microcap to get back to work on two gold projects in the Caribbean country.
3D (ASX:DDD) has substantially progressed settlement and acquisition negotiations as it now looks to acquire ownership of the projects “subject to certain conditions”.
3D had expected to kick off its drilling program at its Morne Bossa project in Haiti a year ago but experienced delays in obtaining necessary permits.
The Haitian government put freeze on further approvals while the new Mining Law was before the parliament.
On top of that the company was involved in “various conflicts” with its Haitian partners after they called “force majeure”.
Force majeure is a legal term referring to unexpected circumstances that prevent someone from fulfilling a contract.
As a result, 3D terminated the contract and made a claim against its Haitian mining partners for the costs of work done and damages, which prompted a counter claim against 3D.
“In order to resolve their dispute, the parties have held lengthy discussions and negotiations with a view to creating an investment framework that would allow the company to continue in these projects and settle all outstanding claims,” it stated.
3D’s neighbouring Morne Bossa and Grand Bois gold projects currently have a combined resource of 740,000 ounces.
3D held cash and cash equivalents of $383,000 at the end of June.
The company’s share price has traded between 0.4c and 1.4c over the past year.