Legal doubt blocks Malaysian iron ore deal
2nd Jul 2012
JULY 2 – A legal dispute has forced AIM-listed Chinese iron ore trader Prosperity Minerals Holdings to defer its proposed $US25M purchase from Elite Force of a 5% interest in iron resource developer All Wealthy Capital.
All Wealthy Capital holds 70% of Malaysian company Phoenix Lake Sdn Bhd, the owner of the Sri Jaya I, II and III mining operating rights at Sri Jaya in Kuantan province.
Prosperity says it has learned Phoenix Lake is in legal dispute with the leaseholder of the Sri Jaya III site, and as a result there is insufficient clarity about the company’s title to the mining rights.
The deal remains subject to due diligence and approval from Prosperity’s independent board following consultation with nominated adviser Daniel Stewart & Co.
Prosperity has paid a $7M deposit to All Wealthy Capital and $6M option deposit to Phoenix Lake, but says both are refundable.
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