GoldBridges Global Resources PLC Goldbridges does not have to pay $9.4m fine (9734C)
March 24 2014 - 3:01AM
UK Regulatory
TIDMGBGR
RNS Number : 9734C
GoldBridges Global Resources PLC
24 March 2014
24 March 2014
GoldBridges Global Resources PLC
("Goldbridges", the "Company")
GoldBridges does not have to pay environmental fine of $9.4
million
GoldBridges Global Resources plc (LSE: GBGR), the gold mining
and development company, announces that the East Kazakhstan
Regional Appeal Court of Republic of Kazakhstan has ruled to annul
the environmental fine of KZT 1.4 billion stemming from the
Tailings Dam 3 (TD3) accident in 2011 that had previously been
imposed on the Company. This fine was reflected as a $9.4 million
provision (based on the exchanges rate in effect at that time) in
the Company's accounts which will now be released.
The Company has since the TD3 accident put in place a
comprehensive set of remediation and mitigation measures in
accordance with the law of the Republic of Kazakhstan. Despite
these actions, the Irtysh Department of Ecological Regulation had
persisted in pursuing environmental claims against the Company in
the amount of KZT 1.4 billion.
GoldBridges appealed the claim in local and regional courts, and
took the case to the Supreme Court of Kazakhstan. Following a
detailed review of the case, the Supreme Court reversed the
decisions of lower courts (which upheld the fine), and issued
detailed instructions to the lower courts on the methodology to be
applied in assessing this case.
East Kazakhstan Regional Appeal Court of Republic of Kazakhstan
rejected the claim of the Irtysh Department of Ecological
Regulation against the Company and has annulled the fine.
The Court's ruling is based on the detailed instructions issued
the Supreme Court of Kazakhstan in relation to this case, and ends
the litigation relating to the TD3 incident and the related claims.
Based on the results of the Court-appointed independent expert
commission, supported by detailed analysis and scientific tests
presented by both parties, the Court determined that, following the
remediation measures undertaken by the Company, there is no further
damage to the environment for which a fine should be assessed.
Maxim Strelnikov, Chief Operating Officer of GoldBridges
commented:
"We always believed that this fine was not merited, and we are
pleased that both Supreme Court and the East Kazakhstan Regional
Court have ruled in favour of the Company."
Enquiries
GoldBridges Global Resources plc
Rajinder Basra +44 (0) 207 932 2455
Strand Hanson (Nomad and Broker)
Andrew Emmott / James Spinney / Ritchie Balmer +44 (0) 207 409 3494
Blytheweigh +44 (0) 207 138 3204
Tim Blythe +44 (0) 7816 924626
Halimah Hussain +44 (0) 7725 978141
Eleanor Parry +44 (0) 7551 293620
This information is provided by RNS
The company news service from the London Stock Exchange
END
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