Proactive Investors - Run By Investors For Investors

Hambledon still confident fines are ‘unjustifiable’ despite failed appeal

Hambledon still confident fines are ‘unjustifiable’ despite failed appeal

Hambledon Mining (LON:HMB) still believes the fines and penalties it has paid to the Kazakh government are “unjustifiable”, it said in a statement.

This comes after its appeal was rejected by the Court of East Kazakhstan Region.

The Court handed down a verbal judgement with a written judgement to follow.

The company’s subsidiary Sekisovskoye Mining Company (SMC) was handed a US$9.5 mln penalty after an alleged minor breach at tailings dam 3 at its Sekisovskoye gold project at the end of October last year.

The National Environmental Department of East Kazakhstan made the claim against SMC for compensation for damage caused to the environment.

Hambledon said it would appeal against the latest decision to a higher level court, the Court of Cassation within the Regional Court of East Kazakhstan.

It is also making arrangements to engage additional legal advisers to support the process as it looks to get back part of the money it has already paid.

Shares slipped 9% to 1.25 pence.

View full ALTN profile View Profile

Altyn Timeline

Newswire
December 24 2012
Newswire
December 17 2012

Related Articles

zeolite mine
September 14 2018
Zeolite may not be the most well-known mineral but it has wide applications, such as use in animal feed, as a pozzolan in cement and as an additive to soil, which could be used for cannabis plants
miner
February 19 2018
South Korea is the most supportive jurisdiction Bluebird's team has operated
1522151008_gold_bars,_sized.png
July 17 2018
Orsu Metals looks set for a transformative year, with a sizeable gold resource expected in an already prolific area

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use