Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Union Resources LTD (URL)

  Print      Mail a friend

Friday 30 March, 2007

Union Resources LTD

Mehdiabad Zinc Project Update


30 March 2007

                            Union Resources Limited                            

                         Mehdiabad Zinc Project Update                         

Union Resources Limited ("Union") announces the following update with respect
to the Mehdiabad Zinc, Lead, and Silver Project (the "Project") in Iran, where
Union and its private Iranian partner ITOK GmbH ("Itok") are in dispute with
their Iranian Government partner Iranian Mines & Mining Industry Development &
Renovation Organisation ("IMIDRO"). Union, Itok and IMIDRO are shareholders in
Mehdiabad Zinc Company ("MZC").

Union has previously advised that:

 a. Union received a letter from IMIDRO in December 2006, purporting to
    terminate four of the five agreements relating to the Project, namely the
    Basic Agreement, the Foundation Agreement, the Management Agreement and the
    Engineering Services Agreement, (collectively the "Agreements"). Union is
    firmly of the view that the notice of termination was invalid.
   
 b. With respect to the purported termination of the Agreements, IMIDRO claims
    that the alleged breach, by Union, relates to Article 9.2.2, of the Basic
    Agreement which requires MZC to deliver a Feasibility Study ("Study") to
    determine the Optimum Mine Plan and Optimum Ore Process Route for the
    Project within two years from the date of closing, which is to be a date
    not more than six months after signing the Basic Agreement. The Basic
    Agreement was signed on 23 November 1999. However, Article 9.2.2 is subject
    to Article 5.2.4 which states that "if MZC has worked continuously on the
    Project and for valid technical reasons needs more time to complete the
    Study, then the parties will agree to a reasonable extension".
   
 c. Union is firmly of the view that extensions beyond the first two years
    (which would have been at the end of 2001), have both been given, and are
    in any case technically justified given both the nature of the Project
    discovered in the first two years of the joint venture and the complexities
    of preparing a Study related to the Project which would enable
    international finance to be raised.
   
 d. Since receiving the letter of purported termination, Union has sought to
    protect its investment and enforce its legal rights by invoking the dispute
    resolution provisions contained within the Basic Agreement. To date Union's
    efforts to resolve the dispute between Union and IMIDRO have been
    unsuccessful.
   
 e. The Iranian Ministry of Finance has confirmed to Union that Union's
    investment to March 2006 of US$14 million is protected under Iran's Foreign
    Investment Laws.
   
Union now advises that:

 a. Since, the last announcement, further meetings were held with IMIDRO in
    February to discuss the dispute. Other Iranian government stakeholders
    attended the February meetings and they support the parties finding a
    resolution. Union is hopeful that further meetings will be held in April
    with a view to finding a resolution.
   
The position of the two parties is clear.

 i. Union requires IMIDRO to withdraw the termination letter, arrange for its
    wholly owned subsidiary IMPASCO to transfer the Exploitation Licence for
    the Project to MZC in accordance with the Agreements, and allow MZC to
    proceed with development of the Project.
   
ii. IMIDRO insists that IMPASCO retain the Exploitation Licence and undertake
    the mining. IMIDRO suggests that MZC build the process plant, and that
    IMIDRO provide MZC with a guaranteed supply of ore for the plant. IMIDRO's
    approach is not envisaged in the Agreements and in Union's view it is not
    workable. Union continues to assert that the Agreements require that MZC
    must control both the mining and processing of the ore, and that compliance
    with the procedure stipulated in the Agreements is the most efficient way
    of developing the Project.
   
 b. In support of Union's position, Union advises that Aker Kvaerner Australia
    (AKAU) has recently delivered to Union a report entitled "Metallurgy and
    Process Design Status Report."
   
In the covering letter AKAU has advised Union that:

"From the information available and after considering various process flowsheet
options Aker Kvaerner Australia is of the opinion that the current proposed
process configuration at a capacity of 50,000tpa zinc from oxide and 150,000
tpa zinc from sulphide resources (50:150k option) represents the optimum
flowsheet for the Mehdiabad zinc project.

The Medhiabad Zinc Project as a whole is considered to meet Aker Kvaerner
Australia's standard for a feasibility study with the following exceptions:

 a. Granting of tenure and conditions of the Exploitation Licence
 b. Environmental approvals 
 c. Water supply (determination of sources, quantities, quality, land access
    etc.) 
 d. An indication of commitment of the project and its stakeholders from the
    Iranian Government.
   
We understand these outstanding issues are dependent on the resolution of a
number of items by Mehdiabad Zinc Company with the various authorities in Iran.

On resolution of the above outstanding issues Aker Kvaerner Australia is of the
opinion that the Mehdiabad Zinc Project (at the 50:150 k option) will be ready
to move to the next stage of development which would involve a Definitive
Study, Invitation to Bid and Front End Engineering and design (FEED) phases. On
completion of these phases and with the project funding available the project
could move to the Engineering Procurement and Construction Management (EPCM)
stage."

Union is firmly of the view that the AKAU reports meet the requirement for the
Study under the Basic Agreement. Union notes that MZC have engaged the Iranian
engineering Company Aseh Sanat, to review both the AKAU study of May 2006 and
the more recent February 20007 Status Report.

(c) Union has temporarily deferred referral of the disputes between Union and
IMIDRO to international arbitration whilst Union continues negotiations with
IMIDRO in an attempt to resolve the issues. However, if Union is unable to
achieve a satisfactory resolution of all matters in dispute with IMIDRO in a
timely manner, then Union will refer the matter to the International Chamber of
Commerce for arbitration.

For further information contact:

Australia: Union Resources Limited
Rob Murdoch - Managing Director
Phone: +61 07 3833 3833
Email: rob@unionresources.com.au

London: Hanson Westhouse Limited
Bill Staple or Martin Davison
0207 7601 6100