PERTH (miningweekly.com) – Dual-listed Intrepid Mines on Friday reported that it had received an $80-million cash payment after settling an ownership and control dispute around the Tujuh Bukit copper/gold project, in Indonesia.
Shareholders voted earlier this week to accept the cash offer in lieu of a legal struggle for the ownership of the project.
“We are very pleased that the shareholders have endorsed the board’s recommended commercial settlement of the Indonesian dispute,” MD Scott Lowe said at the time.
The ASX- and TSX-listed Intrepid in February signed the Tujuh Bukit settlement agreement, selling its share in the joint venture.
The miner had previously said that it was in no hurry to spend the cash, but would instead put a resolution to shareholders to vote on a cash return, the form of which was yet to be determined.