IBAMA cancels US$2.2 million fine
(Thomson Reuters ONE) -
SERABI MINING plc
("Serabi" or "the Company")
IBAMA cancels US$2.2 million fine
Serabi Mining, the AIM-traded gold exploration company, is pleased to announce
that it has received confirmation from the Instituto Brasileiro do Meio Ambiente
e dos Recursos Naturais Renovaveis ("IBAMA") that the original penalty of
Brazilian Reais 3,597.300 (equivalent to US$2.2 million) assessed by IBAMA in
June 2010 has been cancelled.
IBAMA has assessed a revised penalty of Brazilian Reais 1,500, equivalent to
US$903 (nine hundred and three US dollars) in respect of the alleged
administrative breaches. The Company has accepted and paid this fine.
Mr Michael Hodgson, the Chief Executive of Serabi, commented:
"I am very pleased that the matter has now been settled. Whilst we have always
been confident that the penalty would be re-assessed it has clearly been a
concern for shareholders to have this element of uncertainty. Our staff in
Brazil have worked hard to achieve this conclusion and I am pleased that IBAMA
are satisfied that Serabi is in compliance with its current environmental
obligations. With this distraction now settled we can fully focus on the
execution of our exploration programmes.
The original fine as announced by the Company in June 2010 was raised in respect
of alleged administrative breaches of the Operating Licence held by Serabi
Mineracao SA "(SMSA") (the Company's wholly-owned subsidiary and operator of the
Palito Mine). The suspension notice imposed by IBAMA at the same time, was
lifted in September 2010 following a decision by IBAMA that SMSA was in
compliance with the terms of its Operating Licence.
Enquiries:
Serabi Mining plc
Clive Line Tel: 020 7246 6830
Finance Director Mobile: 07710 151692
Email: contact(at)serabimining.com
Website: www.serabimining.com
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish Tel: 020 7628 3396
Michael Cornish Tel: 020 7628 3396
Fraser Mackenzie Limited
Canadian Broker
JC St-Amour Tel: +1 416 955 4777
Hybridan LLP
UK Broker
Claire Noyce Tel: 020 7947 4350
Farm Street Communications
Public Relations
Simon Robinson 07593 340107
Copies of this release are available from the company's website
www.serabimining.com.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Serabi Mining plc via Thomson Reuters ONE
[HUG#1490295]
Unternehmensinformation / Kurzprofil:
Datum: 18.02.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 51665
Anzahl Zeichen: 3615
contact information:
Town:
London
Kategorie:
Business News
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