SYDNEY (Yosefardi) – Intrepid Mines Limited will this year continue to focus to resolve joint venture relationship and legal issue with PT PT Indo Multi Niaga (IMN) in Indonesia.
It is also targeting the completion of a business development/acquisition transaction during 2014.
Activity on the Tujug Bukit project was suspended on 19 July 2012, when access to the site was denied to the company by PT IMN. All technical work as a precursor to a pre-feasibility study on the Oxide Project was terminated during the June 2013 quarter.
On 19 February 2014 the company had signed agreement to settle all disputes surrounding the ownership of the project which will result in the company receiving US$80 million (A$90 million) in cash subject to shareholder approval.
The company has commenced arbitration proceedings through the Singapore International Arbitration centre, against PT Indo Multi Niaga (IMN) and its original shareholders, in respect of various breaches of the agreements in place between them and the company.
Advice was received, as previously reported, that the police investigation of parties associated with PT IMN, the company’s Indonesia joint venture partner, continues with respect to allegations of fraud only.