Update on Marange Claims
(Thomson Reuters ONE) - African Consolidated Resources Plc ('ACR' or the 'Company') Update on Marange ClaimsThe Company notes recent press coverage of orders of the Zimbabwe Supreme Courthanded down on 25 January 2010 (the 'Supreme Court Orders') in relation tomatters connected to the claims previously registered in the names of itssubsidiaries on the Marange diamond field (the 'Marange Claims').The Supreme Court Orders related to an interlocutory appeal in connection withthe High Court Judgement handed down on 25 September 2009 (the '25 SeptemberJudgement') which as already announced confirmed the Company's title to theMarange Claims. Also as previously announced the 25 September Judgement issubject to an appeal to the Supreme Court (the 'Substantive Appeal'). TheCompany understands that this appeal is not likely to be heard for some time.The Supreme Court Orders stipulated that both the diamonds seized from theCompany in January 2007 and all diamonds acquired from the Marange Claims besurrendered to the Reserve Bank of Zimbabwe pending the determination of theSubstantive Appeal.There are many legal and judicial processes currently ongoing. These include arecent attempt to introduce new evidence questioning the Company's title, whichwas not produced at the hearing before the 25 September Judgement and which isstrongly disputed by the Company.While the Company welcomes the Supreme Court Orders, none of the Supreme CourtOrders or other legal and judicial processes - other than the 25 SeptemberJudgement - address the substantive issue in relation to the Marange Claims. Torestate the position, the substantive issue is the upholding of ACR's rights andmining title at Marange. This was achieved comprehensively through the 25September Judgement and, although subject to the Substantive Appeal to theSupreme Court, this judgement remains in force. Furthermore, immediateexecution of the orders pursuant to the 25 September Judgement are stilldemanded.The Company notes that the state owned Zimbabwe Mining Development Corporation('ZMDC') has failed to vacate the Marange Claims in contravention of the 25September Judgement and under a joint venture arrangement with a third party iscontinuing its efforts to exploit the diamond resources present at the MarangeClaims. The Company has been legally advised that one of the effects of theSupreme Court Orders is that any diamonds being currently mined by third partiesin joint venture with ZMDC must be handed over to the Reserve Bank of Zimbabwefor safe keeping.The Company will continue to take all steps it can to protect its rights and toregain possession of the Marange Claims.The Company remains firmly resolved to work with all elements of Government toachieve an outcome that shows respect for the law, respect for the courts andsecurity for the substantial commitments made by international investors. TheCompany continues to endeavour to engage all offices of Government to reach ajoint venture arrangement that will best serve the interests of Zimbabwe and itsdiamond sector.Enquiries: African Consolidated Resources plc Andrew Cranswick +44 7920 189010 Roy Tucker +44 1622 816918 / +44 7920 189012 Ambrian Partners Limited Richard Greenfield +44 20 7634 4700 [HUG#1378772]
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Datum: 29.01.2010 - 10:07 Uhr
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