News that Bula Mines Nevinstown orebody near Navan in Co Meath has been sold to Tara Mines comes more than 30 years after the two firms first locked horns over mining rights in the area.

And while the sale has realised €35 million to settle some of Bula's debt, the firm still owes more than €30 million. The legal bill from various court cases now stands at €15-€20 million, with two remaining Bula directors, Mr Michael Wymes and Mr Richard Wood, facing massive costs.

Mr Wymes and Mr Wood opposed the Nevinstown sale to Tara, which came about only after the firm's receiver, Mr Laurence Crowley, applied to the High Court earlier this year for approval to proceed with the disposal. But while Nevinstown was sold less than four months after the court's ruling in April, the Bula-Tara saga has spanned four decades.

Perhaps its most bitter chapter was witnessed in the High Court during a marathon 277-day hearing in 1996. On that occasion, Bula, Mr Wymes and Mr Wood tried to sue the Minister for Energy and Tara for economic loss, breach of contract and negligence, and breach of constitutional duty. They claimed damages of £330,000 (€419,000). But Mr Justice Lynch dismissed the action.

The saga began in 1970 when Tara explored the Navan site and found a body of zinc and lead ore. At that time, the Nevinstown land - and minerals beneath - adjacent to Tara Mines was owned by a farmer, Mr Patrick Wright. The State did not succeed in its bid to compulsorily buy the land.

Tara also tried to buy Mr Wright's land but Mr Wymes, who was advising the farmer at the time, entered into negotiations with Mr Wright (without Tara's knowledge) and eventually the land was sold to Mr Wymes in 1971 on behalf of Bula for £800,000.

As part of that deal, Mr Wright was given 20 per cent of Bula. Three years later, the Minister for Energy agreed to buy 49 per cent of Bula for £9.54 million.

The 1996 legal action arose out of this investment by the State in Bula. Bula claimed during that case that the Minister for Energy had breached an agreement to exploit the Navan orebody in the most expeditious manner possible. But the High Court rejected this.

Mr Justice Lynch also said the manner in which Mr Wright's land had been bought behind the back of Tara Mines, gave the firm every reason to feel it had been "gazumped". In 1979, Tara objected to Bula's planning application to begin mining.

Four years later, planning permission was granted but it was too late for Bula. In 1984, with debts of £15.5 million, it had a receiver appointed.