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Arbitration over New Liberty mine favours Avesoro Resources

Avesoro said it had also largely been successful in a counterclaim

Picture of gold and dollars
Arbitration also awarded legal costs to Avesoro

An arbitration tribunal has rejected a claim against  Avesoro Resources Inc (LON:ASO TSX:ASO) related to the early building work on the New Liberty gold mine in Liberia.

Contractor International Construction & Engineering (Seychelles) brought the action against Avesoro, which was then called Aureus Mining.

It went to arbitration in 2015 but the action has now been dismissed.

Avesoro said it had also largely been successful in a counterclaim and had been awarded its legal costs.

The miner was taken over and refinanced by Turkish conglomerate MNG last year after teething issues and a tailings problem affected cashflows. 

Quick facts: Avesoro Resources

Price: 99.5 GBX

AIM:ASO
Market: AIM
Market Cap: £81.17 m
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