ARM welcomes judgment on Pula Group litigation
African Rainbow Minerals (ARM) has welcomed the judgment of the High Court of Tanzania, on October 9, in which the Tanzanian Court struck out a lawsuit by the Pula group of companies against ARM and others, seeking damages of about $195-million.
Newswire Bloomberg had previously reported that Pula had initiated the legal action, claiming that ARM and associate companies had breached a non-compete contract when it invested in an Australian mining company that owns a mining project near a graphite project owned by Pula.
ARM, in an October 14 media release, says it has always viewed the Pula claim to be unfounded and fabricated.
The diversified miner says it will take all appropriate legal steps to protect its rights and interests and will keep stakeholders informed of material developments in this matter.