Gull:
I will be factual with you -- as you are not...you're just trying to cast a doubt on this thread or perhaps you are a shortie that has to cover... Im afraid it wont work with either Randgold or with SUF; both have taken the high road in this matter, as they have all along in SA.
First, you should get the facts right. Allow me to enlighten you.
The injunction's main party is the Minister of Mines and Energy (not Randgold and SUF -- they 3rd and 4th) for issuing a mining permit, after doing its DD, which was preceeded by Randgold's DD. The exploration had been going on on the farm for some 2 1/2 years. Everyone knew about it, including the lawyer.
Why didn't the lawyer question (on behalf of the so-called 'heirs') the validity of the exploration permit?
Then, of course, discovery is made. Still no rush for the lawyer to act; it takes 10 years in SA to start production. Still no question/action from the lawyer/heirs, whom I believe are the offsprings of some Boer farm owners.
Then, SUF puts the processing plant together in 8 1/2 months; unheard of in SA.
Now the lawyer has to hurry. So he files an interim injunction, and gets it approved by the court (normal process); then he runs around using the info Randgold and the Ministry has provided to him and gathers up all the heirs. He seeks a permanent injunction preventing the Minister to issue the mining permit -- and this is where we are now. He has done this before with other companies without much success. And he gets paid for all this -- this is better than the stock market -- he can't lose!
Lets examine who is not doing a job? First, the Minister checks out the documentation provided to them by Randgold, which, included a thorough search of all the wills, estate closing documents and deeds, etc left behind by the original owners who died in the early 1960-s. The ministry provides the exploration permit because, according the ministry's and Randgold document searches, the mineral rights to the property were not re-registered within the two years as required by SA law. When the rights are not re-registered according to the prescribed law, the rights revert to the govt of SA! So, in fact, the Government of South Africa became the owner of the rights two years after the original owners died. And this is the crux of the case!
In the second round DD, when Randgold asked for a mining permit to begin production, under SA law the ministry asked Randgold to deposit 980,000Rand in trust, in the event -- down the road -- some heirs come along and make a claim. The 980,000Rand was the fair price for mineral rights before the discovery was made. Lets remember that Rangold and SUF spent a pile of money in exploration cost before they found diamonds! And this is the second crux of the case! SUF and Randgold did the exploration work for 2 1/2 years WITH PERMISSION FROM THE SA GOVT WHICH IS THE RIGHTFUL OWNER OF THE MINERAL RIGHTS!
This barrister's initial moves are nefarious at best, and seems to be so weak that he now has another delaying tactic -- he gets all the heirs together to form a company to make a run at the bundle... If that isnt money grabbing, what is? I say good luck to him and good luck to you, pal...
When the original owners died in the 1960-s, the mineral rights were not re-registered within the prescribed two-year period by the heirs. Thus the rights reverted to the govt. In SA -- that's the law!
Why should Randgold or SUF chase after the so-called heirs in 1990-s when the mineral rights belong to the new SA govt?
If they are indeed the heirs, -- and they first have to prove it in court -- then they MAY get 980,000R as prescribed by law. The Supreme Court of South Africa will decide that.
Are the heirs dealt with fairly, under the law? The Court will decided that, too.
My money says the Ministry (and the govt of SA)will win on this one...
By the way, all this info is avbl to the public and it didn't take me too much time to find out the facts! So why didn't you do your DD?
Goalie. |
