LONDON (Alliance News) - Hunter Resources PLC on Wednesday said it has started arbitration proceedings over the exercise of its option on the Pampamali gold, silver and base metal project in Peru.
Hunter has been battling with two companies since 2015 to secure a 51% stake in the Pampamali project, but the companies, H&P Contratistas Mineros SAC and CMP Compania Minera Pampamali, have blocked its efforts.
Hunter had given the two companies until Monday to agree to comply with the option exercise, but they have not done so.
As a result, it has started formal arbitration proceedings through the American Chamber of Commerce of Peru in order to reach a settlement.
Hunter shares were untraded on Wednesday, having last traded at 0.165 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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