Aditya Birla Loses Copper Tenements, Juniors Jockey For Ground
16 September 2009 - 3:51PM
Dow Jones News
Copper miner Aditya Birla Minerals Ltd. (ABY.AU) said Wednesday
it has lost the right to eight exploration tenements in Western
Australia state close to its Nifty copper mine, with three
Australian junior explorers submitting applications.
Midas Resources Ltd. (MDS.AU), Giralia Resources NL (GIR.AU) and
one privately held company have applied for at least five of the
tenements.
In 2005, Rio Tinto Plc (RTP) nearly lost control of the prized
Shovelanna iron ore tenements in Western Australia's Pilbara region
when junior explorer Cazaly Resources Ltd. (CAZ.AU) snared the
tenements after Rio's license expired.
Rio wrested control back from Cazaly after a WA Supreme Court
decision in 2007 on the grounds of public interest.
"The ground in that area is one of the most prospective, and we
hope to get it," said Geoff Balfe, managing director of Midas.
Under tenement application rules, the Western Australia
Department of Mines and Petroleum will run a ballot between the
three applicants.
Aditya is a unit of Indian aluminum major Hindalco Industries
Ltd. (500440.BY) and acquired its Australian interests in 2004.
In a statement to the Australian Stock Exchange, Aditya said
it's taking legal advice on getting the tenements back, following
what it considers to be an administrative error.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com
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