Home / Mining Company News Releases (Unreviewed) / Moly Mines Reports Finalisation of Arbitration

Moly Mines Reports Finalisation of Arbitration

TORONTO, ONTARIO–(Marketwired – Aug. 18, 2017) – Moly Mines Limited (“Moly” or “the Company”) is pleased to announce that the Arbitration between Moly and Mineral Resources Limited (“MRL”), which has been referred to in earlier announcements, has been finalised by the publication of a Final Award. As a consequence of the Final Award, a payment is due to Moly.

As previously advised, Moly has been in dispute with MRL since early 2015. The dispute centred around the quantification of the Final Payment which was due under the Iron Ore Sale and Purchase Agreement (“IOSPA”) by which MRL acquired the remaining available iron ore at the Spinifex Ridge Iron Ore Mine.

Pending the outcome of the Arbitration, Moly paid the amount determined by the Expert of approximately $4.2 million into a jointly controlled account, which amount will be released back to Moly in addition to the payment referred to above.

This is a significant result for the Company and the Board thanks the previous Executive team and the legal advisors for achieving this outcome.

Moly Mines Limited
+61 2 9437 1284
+61 2 9906 5233 (FAX)
[email protected]

 

Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://feeds.mwnewsroom.com/article/rss?id=2159128. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

About Staff @ Geology for Investors

Geology for Investors seeks to demystify mineral exploration and mining projects for mining company investors. All of our writers and contributors are experienced and educated in geology and the geosciences.