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June 18, 2008

BRC DiamondCore seeks court order against former BEE partner

A subsidiary of diamond junior BRC DiamondCore, Samadi Resources, on Wednesday announced it had made an application to the Johannesburg High Court for an order to declare the agreement with its former black economic-empowerment (BEE) partner Sefalana Mineral Resources, void.

"Company legal counsel has advised that the application, if successful, will finally dispose of any future claims that Sefalana believes that it has against Samadi and will allow BRC DiamondCore to finalise an agreement with an alternative BEE partner, in compliance with South African legislation," commented BRC DiamondCore CEO Theo Botoulas.

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Posted by StaffWriter at June 18, 2008 7:18 AM