The company says that the ruling vindicates its decision to continue operating the Mine Waste Solutions project since the appeal was lodged in March 2011.
The Water Tribunal, First Uranium says, has "closed its file on the matter" because it found it had no jurisdiction to hear the case and that consequently the FSE had no legal standing to bring the appeal. The ruling, First Uranium says, allows the company to continue the expansion of the underground development to feed the new gold and uranium plants at the Ezulwini Mine and the ramp-up of production at the Mine Waste Solutions (MWS) facility. Both Ezulwini Mine and MWS are located in South Africa, 4-traders.com says.
According to Business Day, MWS reported in December that its interim loss had doubled. It posted a basic and diluted loss of R11,80 a share for the six months to end-September. First Uranium announced recently that it was restructuring its business to focus on gold production. It said a new operating plan could result in the cutting of almost half its 3745-strong workforce at its Ezulwini operations. MWS is also at loggerheads with the Department of Mineral Resources, which has withdrawn its mining rights. First Uranium's shares fell 1,3% to close at R1,53 yesterday (5 January), Business Day reports.
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Read the full article on www.businessday.co.za.
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