Intrepid answers lawsuit
Tuesday, December 11 2012 - 09:32 AM WIB
ASX-listed Intrepid Mines Limited recently stated it has served the first writ of summon, together with a statement of claim, in respect of proceedings of lawsuit brought about by IndoAust Mining Limited, IndoAust Mining Pty Limited and Paul Michael Willis.
"We (the company) believe the action brought is totally without foundation and suffers from material legal deficiencies, which we will vigorously defend the action," the company said in a statement, in response to the lawsuit that has also been instituted against its wholly-owned subsidiary, Emperor Mines Pty Limited, two company executives and the company?s Indonesian joint venture partners, PT Indo Multi Niaga, Andreas Reza Nazaruddin and Maya Miranda Ambarsari.
The lawsuit, which has been instituted in the South Jakarta District Court in Indonesia, seeks compensation in the amount of A$2.5 million for alleged expenditure incurred in respect of the Tujuh Bukit project, an additional A$250 million for unspecified and unsubstantiated damages, and an order setting aside unspecified agreements allegedly deriving from the expiry and/or termination of the various agreements with the plaintiffs that give rights to Emperor over Tujuh Bukit.
Intrepid stated it has met all of its obligations under the Alliance Agreement entered into with PT IMN, Maya and Reza, including funding beyond the original US$50 million expenditure commitment. Expenditure on the Tujuh Bukit project up to July 2012, when PT IMN suspended operations without reference to the company, was approximately US$105 million.
Editing by Er Audy Zandri