This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tronox And The Mtunzini Conservancy Reach Settlement On Fairbreeze Mine Dispute

Stocks in this article: TROX





EMPANGENI, KwaZulu-Natal, South Africa, May 24, 2013 /PRNewswire/ -- Tronox Limited (NYSE: TROX) today announced that is has reached a settlement agreement on the pending Supreme Court Application by the Mtunzini Conservancy against Tronox KZN Sands, regarding the early works program at the Fairbreeze mine project in northern KwaZulu-Natal, South Africa.  Under this settlement, the conservancy will not pursue its appeal on a ruling by the Durban High Court that denied an injunction to halt early-phase construction at the mining site.  In turn, Tronox will not seek the court costs from the conservancy, as awarded in the High Court decision.

(Logo: http://photos.prnewswire.com/prnh/20051118/TRONOXLOGO-a)

"We welcome this settlement and reiterate Tronox's stance that ongoing dialogue and consultation with all stakeholders is the preferred course of communication.  This approach allows everyone's views and opinions to be taken into consideration when Tronox makes decisions which affect the future sustainability of its business within the region and the various ways it impacts the local community.  A prolonged legal dispute benefits neither party, and  it would divert our focus from our goals of building and operating an environmentally and economical sustainable business in the region," said Trevor Arran, President, Tronox Mineral Sands.

On January 8 of this year, the Durban High Court dismissed with costs, an application filed by the Mtunzini Conservancy for an injunction to halt early-phase construction at the company's Fairbreeze mine project. Subsequently, the Court granted the conservancy leave to appeal and, the conservancy approached Tronox to request a settlement be reached before it pursues lodgment of papers with the court in relation to its appeal. The terms of settlement require that Tronox pay its own legal costs emanating from the Durban High Court judgment and in exchange, the Conservancy will drop its Supreme Court of Appeal application.

The settlement is seen as a positive result for Tronox, with the High Court judgment remaining in Tronox's favor and confirming that it acted lawfully. This provides Tronox, its employees and other stakeholders with definite confidence in respect of continuing with work in progress on early-phase construction at the Fairbreeze Mine.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs