SYDNEY (Yosefardi) – Intrepid Mines Limited’s shareholders have voted overwhelmingly in favor of the Intrepid board’s recommended settlement of the Indonesian dispute.
Formal completion of the transaction, for a US$80 million cash consideration, following this positive result is expected to occur today (April 10), with funds expected to be in the company’s account in the following days.
Intrepid was facing a dispute with its joint venture relationship and legal issue with PT PT Indo Multi Niaga (IMN) in Indonesia since July 19, 2012 when activity on the Tujug Bukit project was suspended, and access to the site was denied to the company by IMN.
On 19 February 2014 the company had signed agreement to settle all disputes surrounding the ownership of the project.