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Mining Briefs: Intrepid, Rio and more

IN Mining Briefs today: Intrepid claims cash settlement; Rio awards Paraburdoo contract; QMC cour...

Justin Niessner

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Intrepid Mines has received an $US80 million ($A84.9 million) cash settlement for all disputes surrounding the ownership and control of the Tujuh Bukit gold-silver-copper project in Indonesia.

The consideration was paid following overwhelming approval on Wednesday by Intrepid shareholders.

The Brisbane-based company was kicked off the site in mid-2012 until signing an agreement with its former Indonesian partners that settled all disputes, including those that were the subject of arbitration proceedings in Singapore and court action in Indonesia.

Rio Tinto Iron Ore has awarded a contract worth about $A5.7 million for work at the Paraburdoo tailings facility in Western Australia to Viento Group and Indigenous Construction Resource Group.

The contract for construction and commissioning of an expansion at the site is due to be completed by late August.

Viento said the contract was an important first step in developing a successful joint venture with ICRG.

Copper-gold explorer Queensland Mining Corporation said the Federal Court of Australia had ruled in its favour regarding a dispute with former managing director Howard Renshaw.

QMCL had sought orders requiring the repayment of termination payments totalling $677,300 that were made to Renshaw, his company Butmall and accountants DFK Richard Hill upon Renshaw’s ceasing to be MD at QMCL.

Citing a contravention of the Corporation Act, the court decision also dismissed a cross-claim by Renshaw and Butmall in which they sought damages from QMCL for allegedly breaching the agreement pursuant to which the termination payments were made.

Phosphate company Fertoz has increased its tenement holding at its flagship Wapiti East project in Canada by 44% to 39km.

Shallow trenching samples in the new tenements have produced results of 15-21% phosphorus pentoxide over 1 to 2m-wide intervals.

Sydney-based Anchor Resources has applied for a new exploration licence surrounding an existing exploration licence at its Birdwood copper-silver-molybdenum project in New South Wales.

The application has been registered by the Trade and Investment NSW resources and energy division. It includes an area of 293sq.km.

Czech Republic-tin company Equamineral Holdings has changed its name to European Metals Holdings.

The company’s ASX code has changed from EQH to EMH.

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