JAKARTA (Yosefardi) – Australian miner Intrepid Mines Ltd wants to accelerate arbitration process in the Singapore International Arbitration Centre (SIAC) in order to continue the mining activity. The ASX-listed company hopes the arbitration could be started this month.
Previously Intrepid revealed that the company is in the process of finalizing a Notice of Arbitration, which will allow for arbitration proceedings to commence under rules of SIAC. The ASX-listed company demands for 80% interest in Tujuh Bukit Project, which according to the company’s Executive General Manager Clayton Allen Wenas is the right of Intrepid.
Despite filing an arbitration claim, Intrepid is ready to settle the case through mediation if the company could reach a settlement with PT Indo Multi Niaga and PT Bumi Suksesindo. “We are willing to accept if there is win-win solution request,” said Clayton as quoted by Bisnis Indonesia.
Currently Intrepid is no longer having the right to the Tujuh Bukit Project as the mining license (IUP) has been transferred to Bumi Suksesindo from Indo Multi Niaga. Intrepid accused the IUP transfer put Indo Multi Niaga in breach of agreement. “It has become apparent that Indo Multi Niaga and its shareholders do not intend to honor their obligation,” said Intrepid in their announcement.
The accelerate of the arbitration process is surely their main focus for now as currently there is no mining activity conducted by Intrepid since Jul. 19, 2012. (indrab@yosefardi.biz)