Aura seeks Haggan compensation

RNS Number : 7676S

Aura Energy Limited

08 November 2019

 

8 November 2019

AURA Energy lodges compensation claim with Swedish government for loss of Häggån uranium project

Aura Energy Limited (AEE; ASX, AURA; AIM) advises that it has provided Sweden a written notification under Energy Charter Treaty.

Uranium in Sweden was banned effective August 1, 2018 and Aura Energy is seeking compensation for the financial loss resulting from this decision.

Based on the Energy Charter Treaty ("ECT"), Aura Energy has today notified Sweden in writing of its claim. ECT is a multilateral legal framework promoting cross-border cooperation in the energy sector, comprising of 54 Signatories and presupposes that signatories respect fundamental legal principles. Consequently the ECT provides a level playing field of rules to be observed by all participating governments, thereby mitigating risks associated with energy-related investment and trade.

In the trigger letter Aura Energy has requested Sweden for amicable settlement, discussions that shall be ended within a three months period (the Cooling-off period or waiting period´), as per Article 26 of ECT. The outcomes of the Haggan Uranium Scoping Study are detailed in a release dated May 29th 2012.

Link to ECT: https://energycharter.org/

The Company will update the market in due course.

For further information please contact:

Aura Energy Limited Peter Reeve (Executive Chairman) SP Angel Corporate Finance LLP (Nominated Advisor and Joint Broker) Ewan Leggat Caroline Rowe WH Ireland Limited (Nominated Adviser and Joint Broker) Adrian Hadden James Sinclair-Ford Yellow Jersey PR Limited Felicity Winkles Joe Burgess

Telephone: [phone] [e-mail] Telephone: [phone] Telephone: [phone] Telephone: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

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