Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Claim Filed

2nd Aug 2012 08:48

RNS Number : 1437J
Allied Gold Mining PLC
02 August 2012
 



THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

 

2 August 2012

 

 

 

Allied Gold Mining PLC

 

("Allied Gold" or "the Company")

 

 

$47 MILLION CLAIM FILED AGAINST GR ENGINEERING SERVICES LIMITED

 

Allied Gold advises that further to GR Engineering Services Limited's (GRES) release of 5 June 2012 in which it disclosed that a counterclaim of approximately $25 million by Gold Ridge Mining Limited (GRML), a wholly owned subsidiary of Allied Gold Mining PLC (Allied Gold), for amongst other things, loss of gold production had been brought before the Arbitrator, the actual amount that has been brought before the Arbitrator is approximately $47 million comprising:

·; $4 million on account of rectification costs

·; $1.15 million on account of false and misleading statements by the GRES managing director,

·; $24.9 million on account of gold loss; and

·; $17.1 million on account of throughput loss arising directly from defective work carried out by GRES

 

GRML is in the process of carrying out the work recommended by the independent experts to meet the GRES warranty design criteria of 91% gold recovery and 2.5 Mtpa throughput and has claims those costs from GRES as part of the Arbitration.

 

For further information please contact:

 

Allied Gold Mining Plc (Investor and Media) - Joe Dowling, GM Investor Relations and Communications +61 7 3252 5911

 

RBC Capital Markets (Corporate Broker) - Stephen Foss / Matthew Coakes / Daniel Conti

+44 207 653 4000

 

Buchanan (Financial PR Advisor) - Bobby Morse / Cornelia Browne +44 207 466 5000

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAXPAELKAEEF

Related Shares:

ALD.L
FTSE 100 Latest
Value8,433.34
Change18.09