Altair positive following initial court round in dispute with BHP over Olympic Domain
ASX-listed Altair Minerals said on Thursday it had secured a favourable outcome at an initial hearing in the South Australian Wardens Court, as the junior explorer defends its rights over the Olympic Domain project against BHP.
The dispute centres on BHP’s plans to develop its Oak Dam deposit – containing 1.34-billion tonnes at 0.66% copper and 0.33 g/t gold – which lies adjacent to Altair’s ground. BHP has expressed interest in using parts of Altair’s project area for infrastructure to support Oak Dam’s development.
Altair said it considered BHP’s offer for access to have “significantly undervalued” the project, and after countering without agreement, the matter was referred to the Wardens Court.
At Wednesday’s hearing, Magistrate Barnett directed BHP to set out the terms of its proposal and explain how it intended to accommodate Altair’s rights. Altair has been ordered to file a response outlining its objections and the conditions under which it would accept BHP proceeding. A further hearing is scheduled for November 12.
“Altair will continue to rigorously defend the fair value of its exploration rights and the core value for the Olympic Domain project,” CEO Faheem Ahmed said.
The company added that the case had implications for the treatment of junior explorers more broadly, arguing that their rights should not be compromised to advance the development goals of larger miners.
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