TORONTO (miningweekly.com) – Dual-listed Intrepid Mines will lose its TSX listing early next month after the stock exchange concluded that the company did not meet the exchange’s ongoing listing requirements.

The TSX's continued listings committee made a decision to delist Intrepid’s stock as a result of the company not currently having a material mining asset in its portfolio.

This comes after the company sold its interest in the Tujuh Bukit copper/gold project, in Indonesia, for $80-million, after settling an ownership dispute in February.

However, the company could apply to the TSX to delay the delisting, should the company enter into a transaction to acquire a mining property before July 3. The company could also apply for a relisting at a later date, should it again acquire a mine.

Intrepid said that its stock would continue to trade as usual on the ASX, and should its stock be delisted from the TSX, those shareholders would be entitled to transfer their TSX shares to the ASX registry. The company noted that most trading activity in its equity took place on the ASX in any event.

Intrepid in February agreed to a settlement regarding the ownership of the Tujuh Bukit project, and to sell the project rights in a deal worth $80-million.

In November, the South Jakarta District Court ruled that the Tujuh Bukit joint venture (JV) was void and handed a 70% interest in the project to IndoAust Mining and Paul Michael Willis.

Willis and IndoAust Mining had brought legal action against Intrepid at the end of 2012, relating to the execution of a termination and settlement agreement between the two firms and Intrepid and its JV partners PT Indo Multi Niaga (PT IMN), Andeas Reza Nazaruddin and Maya Miranda Ambrasari.

Intrepid was effectively locked out of the $5-billion project after the controllers of the PT IMN JV company transferred the ownership of Intrepid's 80% shareholding to another vehicle, PT Bumi Sukses Indo (BSI).

After the leases were transferred, the shareholding had changed such that PT IMN was no longer a shareholder in BSI.