I just had another good read through the quarterly, and was surprised to see no reference at all to recovering costs from Calcifer in relation to Mt Mulligan. Considering the funds that were spent on this exercise, I would have thought shareholders were owed an explanation if we are just going to write this exercise off altogether? I think the case was settled in MNM's favour several years ago now?
The announcements listing on Commsec only goes back 2 years (and ASX site only 6 months...), so I can't even find the announcement which stated the amount of damages which were being sought? The figure of $500K sticks in my head from somewhere, but can any old hands confirm this? When we only have $700K odd in the bank, I would have thought this sum would go a long way to getting Norton over the line?
These things shouldn't just disappear from view with no explanation from MNM management. How about it IK?
MNM Price at posting:
1.1¢ Sentiment: Sell Disclosure: Held