Sale and Purchase of Luanshya Tailings Dams

ZAMBEZI RESOURCES LIMITED
ARBN: 124 462 826
For personal use only
MAIL:
PO Box 1796, West Perth WA 6872 Australia
EMAIL:
[email protected]zambeziresources.com
www.zambeziresources.com
ASX Announcement
18 November 2014
Company Update
Zambezi Resources Limited (“Zambezi” or the “Company”) is pleased to announce that at a hearing in
the High Court of Lusaka yesterday the appellants’ application to stay the High Court proceedings
pending the determination of their appeal in the Supreme Court was found to be without merit and was
dismissed by the High Court.
The High Court also ordered that the appellants pay the Company’s costs of the failed application.
The success of the Company (who is the respondent in the proceedings) in opposing the appellants’
application means that the current appeal (details below) in the High Court of Lusaka will not be stayed
and will be continued to its conclusion even though there is an appeal pending to the Supreme Court of
Zambia against an interlocutory decision handed down by the Appeal Judge on 18 July 2014. It also
means that the appellants’ strategy of delaying the hearing of the appeal in the High Court by filing an
unmeritorious appeal to the Supreme Court on a minor interlocutory matter and then attempting to
prevent the hearing of the appeal in the High Court from proceeding has failed.
The Company’s application currently on foot to discharge the order staying the decision of the Minister
of Lands, Natural Resources and Environmental Protection to allow the Company to develop its 100%
owned Kangaluwi Copper Project in the Lower Zambezi National Park in Zambia can now be listed for
final argument at the soonest opportunity. Had the appellants’ application to stay the appeal in the High
Court been successful (which it was not), the Company’s application to deal with the appeal on its
merits and lift the stay of execution against the project could have stalled potentially for up to 2 years.
This potential outcome has now been extinguished.
Background:
The appeal hearing in the High Court of Lusaka referred to above relates to the appeal lodged by
certain Zambian conservation groups against a decision of the Minister of Lands, Natural Resources
and Environmental Protection on 17 January 2014 to allow the Company to develop its 100% owned
Kangaluwi Copper Project in the Lower Zambezi National Park in Zambia. In the appeal the Zambian
Government is the first respondent and Mwembeshi Resources Ltd, a wholly owned subsidiary of
Zambezi, is the second respondent. (Refer ASX Announcements dated 20 January 2014, 7 April 2014,
9 June 2014, 18 July 2014, 24 July 2014 and 30 September 2014).
The decision of the Minister effectively allowed the Company to proceed with the developments of its
100% owned Kangaluwi Copper Project located in the Lower Zambezi National Park in Zambia.
On 6 February 2014 at the request of the appellants, the Lusaka High Court granted an order, on an
ex parte basis, for a stay of execution of the decision of the Minister to allow Zambezi to develop its
Kangaluwi Copper Project.
BERMUDA
CANONS COURT
22 VICTORIA STREET
HAMILTON HM12
ZAMBIA
PLOT 5697
BEU CRESCENT
KALUNDU LUSAKA
TEL: +260 211 292 128
AUSTRALIA
Ground Floor, 20 Kings Park Road
WEST PERTH, WA
AUSTRALIA 6005
TEL: +61 8 6555 1879
FAX: +61 8 9398 4104
For personal use only
The stay of execution remains in place pending the outcome of the appeal against the Minister’s
decision. It is this appeal that the Company is attempting to be listed for hearing as soon as possible
now that the appellants’ application to stay the appeal itself was dismissed yesterday.
Shareholders will be given a further update of developments in the appeal process following the next
hearing.
-END-
Zambezi Resources Limited
David Vilensky
Chairman
Tel: +61 8 6555 1879
Email: [email protected]
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