Intrepid shareholders vote on company's future
PERTH (miningweekly.com) – The shareholders of dual-listed Intrepid Mines would on Friday vote on whether the company would continue its hunt for new assets, or if the directors would wind-up the entity.
The ASX- and TSX-listed company had received an $80-million cash payout on the settlement of an ownership and control dispute around its Tuju Bukit copper/gold project, in Indonesia.
Intrepid had effectively been locked out of the $5-billion project after its joint venture partners PT Indo Multi Niaga transferred ownership of Intrepid’s 80% shareholding to another vehicle.
Intrepid chairperson Ian McMaster told the company’s annual general meeting that while the company was "extremely frustrated" that shareholders would not see value in the Tuju Bukit discovery, the company was relieved that it had been able to recover the bulk of its investment in Indonesia and to make a clean exit from all the disputes in which it had been involved.
McMaster noted that since the dispute settlement in February this year, the company had been evaluating investment opportunities in the gold and base metals sector, with the objective of identifying a compelling business case for one of the opportunities, which would stand up against the default case of returning cash to shareholders.
“Only two weeks ago, we held an extraordinary general meeting at which three directors were replaced by a slate of new directors, with a clear platform to accelerate the return of cash to shareholders. Your board has taken this vote as a clear message that a substantial portion of shareholders wish to have cash returned, rather than invested in new ventures,” he added.
McMaster said that if shareholders passed the resolution on Friday, to return the cash, the company’s directors would proceed to wind up the company.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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















