20th Apr 2018 10:33
LONDON (Alliance News) - Wolf Minerals Ltd on Friday said it has agreed a settlement over a dispute at its Hemerdon mine which will see it return a GBP7.5 million performance bond.
Shares were down 14% on Friday at 2.70 pence each.
The dispute has been with GR Engineering Services Ltd regarding the engineering, procurement, and construction contract at the Hemerdon tungsten and tin mine in Devon.
Wolf said GR has agreed to contribute a sum to Wolf for it to fully fund the expected cost of a noise and vibration management plan "at no further cost to the company".
However, once it has received this money, Wolf will return to GR all security it holds as part of the contract, including the GBP7.5 million bond.
Wolf said the settlement contains no admission of liability by either party and added it will not affect its operating performance or cashflow.
Related Shares:
Wolf Minerals