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N e w s
AUGUST 17
The arbitration court of Magadan area rejected the claim of Silver Dukat on annulment of the lease agreement with a right of redemption of Dukatsky GOK assets on Aug. 16, 2000. Polimetal press-release informed.
Silver Dukat belongs to the Canadian company Pan American Silver. In November 1997 Pan American Silver obtained the license for the right of development of the largest in Russia Dukat gold and silver field for the period of 25 years. However, on November 30, 1999 Pan American Silver lost the tender on Dukatsky GOK assets. The assets became owned by "Polymetal" mining company controlled by Dukat.
Thus, the paradoxical situation has formed around Dukatsky field - Pan American Silver has the license, but can not develop it, and "Polymetal" has a complex of machinery, necessary for development, but does not have the license for its development.
Source: AK&M
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