IMX enters into standstill deed with Termite liquidators
PERTH (miningweekly.com) – ASX-listed IMX Resources has agreed to a standstill deed with the liquidators of Termite Resources, over a potential A$75-million claim.
IMX joint venture partner Termite, which operated the Cairn Hill iron-ore mine, in South Australia, was placed under administration in June 2014. In September 2014, the company was placed into liquidation.
In September last year, both IMX and its CEO Phil Hoskins had received a letter of demand from the Termite liquidators providing notice of a potential claim, alleging that Termite should not have repaid loans to its parent company Outback Iron until the life-of-mine obligations under mining and logistics contracts were provisioned for.
Outback Iron is 51% held by IMX and 49% by Taifeng Yuanchuang International Development Company.
IMX told shareholders on Monday that since receiving the letter of demand, the company had engaged legal counsel and corresponded with the Termite liquidators in order to defend its position.
A standstill deed had now been agreed, under which IMX requested that Termite give further consideration of whether to proceed with the claims against the company.
“We have always maintained that the claims against IMX were without merit and it is a positive development to have reached agreement with the liquidator on the standstill deed, considering previous correspondence from the liquidator had indicated an intention to file proceedings against IMX,” Hoskins said.
He added that the company would continue to do “everything possible” to have IMX completely removed from any claims made by the Termite liquidator.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...
VISIT SHOWROOM
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
