JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed Wolf Minerals has entered into a settlement agreement with ASX-listed GR Engineering relating to the engineering, procurement and construction contract for the Hemerdon project in England.
The agreement “fully and finally settles all claims in relation to the contract, without admission of liability by either party”, the speciality metals producer said in a statement on Friday.
Under the terms of the settlement, GR Engineering has agreed to contribute a settlement sum to Wolf to fund the expected cost of the noise and vibration management plan.
Upon receipt of the settlement sum, Wolf has agreed to return to GR Engineering all security it holds under or in connection with the contract, including the £7.5-million performance bond.