My understanding of this situation is BRL has sold a very small amount from the Buller project which they have paid the due small royalty on however this is less than the 25000 tonnes figure that triggers the first $40m USD payment.
The argument here seems to be can the movement of more than 25000 tonnes of coal to a stock pile be considered shipping. If it is BRL will need to pay the first $40m USD installment.
Unfortunately there appears to be a good argument for the claimant that it is why BRL are off to court.
Crazy stuff really having $40m USD hanging on the use of seemingly one word but the corporate world is ruthless as many BRL investors have already seen via the boards RCPS decision......... now it's up to the courts to decipher.
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