Intrepid preparing dispute notice to IMN
Friday, July 27 2012 - 09:11 AM WIB
Australia-listed miner Intrepid Mines Limited said that its wholly-owned subsidiary, Emperor Mines Pty Limited., is preparing a dispute notice pursuant to the Tujuh Bukit Project alliance agreement and the Tujuh Bukit Joint Venture shareholders? agreement in relation to breaches of the agreements by PT Indo Multi Niaga (IMN) and the original shareholders.
The dispute resolution procedures in the agreements provide for a 30- day negotiation period in which the parties are to try and resolve the dispute amicably.
?If the dispute is not resolved in this 30-day period, Emperor will be entitled to refer the dispute to arbitration under the rules of the Singapore International Arbitration Centre,? the company said in second quarterly report.
It said that the company was reviewing its legal and commercial alternatives.
Intrepid earlier said that its JV partner, IMN has suspended operations at copper-gold Tujuh Bukit project in East Java.
IMN has also requested several members of senior management, including all expatriate employees seconded to PT IMN from Intrepid, to leave site and this has occurred.
Editing by Adianto P. Simamora