This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Asian Mineral Resources Ltd. is facing a lawsuit in the Supreme Court of British Columbia from Resources Services Ltd. over unpaid royalties at its Ban Phuc nickel mine in Vietnam. The suit claims that Asian Minerals has not paid a 0.25-per-cent net smelter return on the project. The company was supposed to start paying the NSR after the mine commenced production in July, 2013, the suit claims.

ASIAN MINERAL

Ban Phuc mine

The allegations are contained in a brief notice of claim filed at the Vancouver courthouse on April 20, 2015, by Resources Services Ltd., an entity incorporate in the Cook Islands. The suit identifies the principal of that entity as geologist Terence Bates (who was one of the founders of Asian Mineral Resources). According to the suit, Asian Mineral Resources entered into a management contract with Resources Services in 2003 related to the mine. As part of its compensation, Resources Services was to receive a 0.25-per-cent NSR from Ban Phuc, the suit claims.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS