Cape Lambert optimistic on legal battle outcome
PERTH (miningweekly.com) – An arbitrator has ordered the Metallurgical Corporation of China (MCC) to deposit A$80-million into an escrow account as a dispute between MCC and Australian miner Cape Lambert continues to rage.
In September 2010, Cape Lambert turned to the Supreme Court of Western Australia in an effort to recover a final A$80-million payment from the sale of its magnetite iron-ore project, in mid-2008, to MCC.
The company had previously received A$320-million of the agreed A$400-million sales price, but MCC had, to date, failed to make the final payment.
In March this year, the court referred the dispute to arbitration in Singapore, with the arbitrator now ordering MCC to pay the outstanding amount into a jointly held escrow account within 21 business days.
Cape Lambert chairperson Tony Sage said on Friday that while the order was not an outcome of the substantive legal dispute, it was a significant victory for Cape Lambert.
“We are seeking A$80-million plus interest, so to have MCC ordered to deposit A$80-million into an externally controlled escrow account in Australia, pending the outcome of the legal action, is important and may see a resolution to this matter in a more expedited fashion.”
Sage said that the deposit would secure recovery of any final award in the arbitration, avoiding any delay or difficulties in enforcing an award in China.
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