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.
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