The company maintained that it was the only qualified bidder in what it claims was a flawed bidding process in 2015, which awarded Aznalcollar to Minorbis-Grupo Mexico.
Emerita said on October 6 that Seville’s Provincial Court No. 3 had dismissed an appeal of the defendants’ “last resort” in the lawsuit over the award of the Aznalcollar public tender.
“The judge confirmed her previous ruling that the trial should move to the final phase which includes the conviction of the guilty. The court reconfirmed that crimes were committed,” Emerita said at the time.
Media coverage since said prosecutors were seeking the acquittal of the 16 defendants, saying there was no evidence of a crime in their actions, according to a translated report.
Yesterday, Emerita said the Seville court’s resolution to begin with the oral trial of the defendants in higher courts “was expected but encouraging as it indicates that the case is progressing.”
“The most important in [Emerita’s] the lawyer’s opinion is that the court had little to say on the merits of the case and decided to take the matter to higher court without delay, ”the company said.
He was also recently informed that Andalusia’s Administrative Court was due to render a decision in a separate administrative case, filed by Emerita in 2015, when she claimed that the tendering process was unfair, arbitrary and inconsistent with laws.
He understood that this was a positive development as the court had the power to award Aznalcollar to Emerita.
“The company will provide more details on Superior Court and Administrative Tribunal decisions as they unfold,” Emerita said yesterday.
He aims to be the next dominant zinc explorer and developer and claims Aznalcollar is “one of the best undeveloped zinc deposits in the world”.
The project also contains the former Los Frailes deposit, which had been in production for less than two years when a ruptured waste rock dam along with low metal prices forced the former operator to shut down the project.
Spain-centric Emerita also has the Western Iberian Belt Project, which was officially awarded to her last year.
Emerita raised more than C $ 20 million at $ 1.10 per unit in July, for exploration in Spain, working capital and general business needs.
Its shares (TSXV: EMO) climbed around 15 cents a year ago to hit $ 4.14 last week.
They closed down 8.5% yesterday at $ 3.54, capitalizing it at $ 648 million ($ 520 million).