mcc final payment - not if, but when...

article below is from ABC news bulletin
seems the only dispute is about the timing of payment

'Cape Lambert chasing Chinese company for millions
8/9/2010 Posted 8 hours 23 minutes ago

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."