MINARA RESOURCES LIMITED ASX CODE: MRE Date: 01 December 2005 ABN 23 060 370 783 Limited
Glencore Dispute Resolution Minara has reached a commercial resolution with Glencore in respect of alleged breaches by Minara and related bodies corporate of joint venture agreements arising out of the construction phase of the Murrin Murrin Nickel Cobalt plant. The details of these disputes have been disclosed as a contingent liability in Minara’s accounts since 1998. Under the settlement, Glencore has discontinued its claims, the value of which are currently estimated to be US$ 36 million (inclusive of interest) against the Minara Companies. Minara has agreed to extend the Area which is subject to the Murrin Murrin Joint Venture (Minara 60%) from a radius of 60km to 200km. Minara Managing Director Peter Johnston said that he was pleased to see a mutually satisfactory resolution of a long running dispute.
MRE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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