Tasman Metals reported that its mining lease for its Norra Karr heavy rare earth element project in Sweden has been cancelled. The company still holds the property under exploration license.
As quoted in the press release:
On February 23, the Company reported the decision of the Swedish Supreme Administrative Court to cancel the ML. SAC decisions are non-appealable except under very limited circumstances.
The Company has been advised that the process of cancellation of the ML will be through actions undertaken by the Ministry of Enterprise and Innovation. This Ministry has advised the Company that a right of comment regarding the cancellation exists as part of procedural matters. Tasman is investigating this new information, and is considering the appropriate course of action. A further update will be provided when the Company gains additional information regarding its rights in this process.
The cancellation of the ML does not affect Tasman’s 100% ownership of the Norra Karr project and the Company continues to hold the property under exploration license. The Company is proceeding on the basis that the cancellation of the ML will occur.
Source: Investing news