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Bushveld Minerals subsidiary in favourable court ruling

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Bushveld Minerals (LON:BMN) subsidiary Lemur Resources (ASX:LMR) has hailed a court ruling relating to its permit 4578 in Madagascar.

The Tulear court has ruled in favour of the company and Lemur will continue to hold tenure over permit 4578, a statement from the company said.

The plaintiff in the case, Rahajasoamampionona Ramiaramanana, has 30 days to lodge an appeal against the court’s decision; if she does not do so, the decision will be deemed to be final.

Lemur is still waiting on the ruling by the Antananarivo court and expects to receive this soon. Lemur remains positive on the outcome of the Antananarivo ruling.

“The resolution regarding the tenure of our 4578 mining licence will provide comfort to Lemur’s existing shareholders and potential investors who are engaged in discussion to partner with us on our 3 x 15 MW [megawatt] coal fired Imaloto power project,” said Anthony Viljoen, chief executive officer of Lemur.

Lemur is 52.2% owned by Bushveld Minerals.

Quick facts: Bushveld Minerals Ltd

Price: 20.8 GBX

LSE:BMN
Market: LSE
Market Cap: £239.82 m
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