- Joined
- 17 March 2005
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I saw an article on CHM yesterday about the claims over jack hills,also my tiger legend old mate benny elias is on the board, we go way back to the junior footy days in the balmain district,him at holy cross myself at leichhardt wanderers & juniors.
It looks like an interesting legal battle about to play out here so ill go over the claims & see whether they are a big chance of winning,however benny elias being on the board gives them credibility as he is an astute businessman currently developing the balmain leagues club site into a huge complex...tb
Check out the history of this Company and the characters running it - I wouldn't invest someone else money on it. Even if it wins the court case there won't be anything for the ordinary mum & dad shareholders, it had been diluted like hell. Millions of shares had been issued to "special" shareholders who happen to share the same surnames. Check out the number of shares on issue, billions!!!
Will we see a dump on CHM shares when they resume trading? IMO, most probably. I am sure MMX will resume trading long before CHM. I reckon CHM is now in damage control before releasing more information.
Hehehe....happy days are here again for MMX holders. The results are much better than hoped for. The newspapers have already interpreted the judgement in favour of MMX. CHM had declared a hollow victory....ASX where are you??? I thought ramping is not encouraged?
Sorry Nun but you are on free carry anyway, right?
CHAMELEON Mining is poised for a big pay day after it claimed victory in its three-year legal stoush against Murchison Metals over a multi-billion dollar Mid West iron project.
The Federal Court today ruled in Chameleon’s favour, saying the company is allowed to claim a portion of the profits from Murchison’s flagship asset, the Jack Hills iron ore operation in the Mid West region of WA.
The Court found Murchison had used $227,840 it received from Chameleon, through de facto director Phillip Grimaldi, to buy the iron ore asset – then called the Iron Jack project - which was bought for $1.16 million in 2004.
The mine produces more than 1.5 million tonnes of iron ore each year. It is run by Crossland Resources, a joint venture between Murchison and Japan’s Mitsubishi Corporation.
Chameleon has previously valued the iron ore mine and tenements at around $1.5 billion.
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During the legal stoush, Chameleon claimed it was entitled to half of the project and its tenements, however Murchison has consistently denied this, saying the transaction was undertaken prior to the current board taking positions with the miner.
Today the Court found that Murchison had used Chameleon’s funds to “derive an income stream from the exploitation of the Iron Jack project”, and therefore shou
Today the Court found that Murchison had used Chameleon’s funds to “derive an income stream from the exploitation of the Iron Jack project”, and therefore is entitled make a payment to Chameleon.
The judge presiding over the case added that Chameleon will be able to seek a portion of profits from the iron ore operation which it helped pay for, however the amount will need to be determined.
Chameleon managing director Anthony Karam said he was “thrilled” with the court decision today, and the company would hire a forensic accountancy team to assess how much it was entitled to.
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