Highfield Resources (ASX:HFR) said the Navarra government in Spain received an adverse court decision related to the mining firm's Goyo concession grant, according to a Wednesday filing with the Australian bourse.
The court cited a formality error in the coordination process related to the granting of the mining concession as the basis for its decision.
The Navarra government is currently reviewing the decision to resolve the matter, while the company is in talks with mining authorities, the filing added.
Shares of Highfield Resources slumped 12% at market close on Wednesday and hit a 52-week low during the session.
Price (AUD): $0.26, Change: $-0.035, Percent Change: -12.07%
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