Hi all,Not sure whether this article has been sighted by any...

Hi all,

Not sure whether this article has been sighted by any holders, but I was digging around and came across this on the ABC WA website from back on September 8 2010.

>>>>Iron Ore miner Cape Lambert Resources Limited is taking legal action against a Chinese mining company to recover $80 million.

Cape Lambert has commenced legal action against MCC Australia Sanjin Mining, and its parent company the Metallurgical Corporation of China to recover the money,

It is the final payment as part of a $400 million deal for the sale of the Cape Lambert Iron Ore project.

Cape Lambert executive chairman Tony Sage says the company tried for months to resolve the issue but negotiations were unsuccessful.

He says the companies were unable to agree on a timeline.

"When MCC said they would rather pay us in instalments," he said.

"We started negotiating on that basis so their offer was $20 million, $10 million, $10 million, $10 million and $10 million, and a $40 million over the next 12 months.

"We disagreed with that slightly, we wanted $40 million and the ten instalments paid before Christmas."<<<<<

Link- http://www.abc.net.au/news/stories/2010/09/08/3006197.htm?site=northwestwa&source=rss

This makes me a lot more confident!! At least the Chinese have admitted that they will be paying it, it would seem to me that they are trying to wangle their way out of paying the full $80m in a lump sum.

Happy to hear anyone else's interpretation of article, or thoughts in general.

Cheers to all,

Spek