PhosCo Ltd (AU:PHO) has released an update.
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PhosCo Ltd has been denied the ability to sell a 49% interest in CPSA, which is owed A$6.3m in damages, costs, and interest by TMS, following an unsuccessful appeal in Tunisia’s highest court. The decision confirms the Court of Appeal’s earlier ruling against PhosCo’s seizure action, but does not absolve TMS of the financial liability, which continues to grow daily. Despite the legal setback, PhosCo remains focused on its wholly-owned projects and permit applications.
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