Keegan Resources announced that it has reached a complete and final out-of-court settlement of the litigation in which Keegan was named jointly with the Ghana Minerals Commission as a co-defendant in a lawsuit initiated by Sametro, a predecessor in title to the Esaase gold property. Sametro had alleged irregularities in the execution of a 2007 agreement by which Keegan obtained title to the Esaase concessions. All litigants have now executed a definitive Deed of Settlement which includes a consent case dismissal, mutual releases, an indemnity for Keegan as well as a retraction by Sametro of certain allegations of wrongdoing that it had made in connection with the dispute. Financial details remain confidential, but the full settlement amount was not material to the company.
- Company Legal & Law Matters