Intrepid still undecided what to do with cash reserves

By Ruli Setiawan

ASX-listed Intrepid Mines Ltd said on Wednesday that its total treasury will double to US$160 million once it receives an $80 million funds as compensation for the settlement of the two-year ownership dispute at the Tujuh Bukit gold and copper project in Indonesia.

Intrepid in February agreed to receive the settle funds to end its claim over the Tujuh Bukit project. The company is scheduled to hold extraordinary shareholders meeting to seek approval from shareholders for the proposed settlement.

Intrepid said in a statement Wednesday that it has been engaged in talks with most major shareholders on what to do with the cash reserves, with some preferred returning the funds to shareholders over investment in resources projects.

The company hopes to be able to make a decision on what to do with the cash before the scheduled shareholders meeting, including the possibility of allocating part of it for new investments.

Editing by Reiner Simanjuntak