News: S32 IGO Ltd Says Served With Writ Of Summons By South32 Over Tropicana Gold Mine Royalty Claim

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    Feb 1 (Reuters) - IGO Ltd (IGO) :

    • TROPICANA GOLD MINE ROYALTY CLAIM
    • SERVED WITH A WRIT OF SUMMONS ISSUED OUT OF SUPREME COURT OF WESTERN AUSTRALIA BY SOUTH32 ROYALTY INVESTMENTS
    • WRIT CLAIMS IGO IS LIABLE TO PAY ROYALTIES TO SOUTH32 CONCERNING MINING OPERATIONS AT TROPICANA GOLD MINE IN WESTERN AUSTRALIA
    • IGO REJECTS SOUTH32'S ALLEGATIONS AND CONSIDERS CLAIM TO BE WITHOUT MERIT
    • SOUTH32 ESTIMATED IN WRIT ROYALTIES PAYABLE BY IGO ARE AUD 122.1 MILLION (EXCLUSIVE OF INTEREST AND COSTS) FROM DEC 2014 UNTIL 30 SEPT 2023
    • IGO NO LONGER HAS AN INTEREST IN TROPICANA GOLD MINE
    • IGO INTENDS TO FULLY AND VIGOROUSLY DEFEND CLAIM
    • ESTIMATES RELEVANT PORTION OF ABOVE CLAIM AMOUNT FROM 31 MAY 2021 TO SEPT 2023 IS IN RANGE OF ABOUT A$35 TO A$40 MILLION
    • DENIES THAT IT HAS ANY LIABILITY TO SOUTH 32
    • AGREEMENT BETWEEN CO AND REGIS RESOURCES INCLUDES PROVISION WHICH MAINTAINS CO'S LIABILITY FOR SAMPLE ROYALTY PRIOR TO COMPLETION ON 31 MAY 2021
 
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