2024-02-15 17:14:09
(Alliance News) – Shuka Minerals PLC said on Thursday it has signed a definitive settlement agreement with the Upendo Group.
Shuka is an Africa-focused mine operator and developer, formerly called Edenville Energy PLC. Its shares closed 4.4% higher at 10.18 pence each in London on Thursday.
The company said it had signed a final settlement agreement with Upendo, which holds a remaining 10% interest in the Rukwa coal mining license. The dispute with Upendo concerns the interpretation of rights relating to “residual” interest and has been going on for “many” years.
“The dispute has been vigorously defended and, where necessary/appropriate, appealed by the company to the Tanzanian courts. It has consumed time, tied up management resources and damaged reputation and relations of the company in the country. Therefore, the board of directors believes that a settlement ending the litigation is the most appropriate solution,” Mr. Shuka said
The settlement involves the immediate payment of USD 110,000 to the Upendo Group, the immediate settlement of all proceedings and the waiver of any claims by all parties, regardless of their origin.
Noel Lyons, Managing Director, said: “We are very pleased to have reached an agreement with the Upendo Group: “We are very pleased to have reached an amicable settlement with Upendo, as it allows us to examine and determine the strategic direction of our mining interests at Rukwa, without the prospect of pending litigation. This allows us to be more decisive and consistent in our future decisions.”
Par Sophie Rose, reporter principal d’Alliance News
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