GREY:PTQMF - Post by User
Post by
wwadehammeron Apr 15, 2014 9:56pm
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Post# 22456239
From FQs MD&A
From FQs MD&A These are probably not related to PTQ as PTQs contract was not terminated in 2013. Guess someone is pi**ed about getting canceled.
First Quantum: Other commitments & contingencies
Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time.
Cobre Panama is in dispute with a third party which has made a "without prejudice" demand of approximately $80.0 million for amounts claimed to be owing following termination of their contract in the second half of 2013. The parties are in discussions regarding potential resolution of the dispute and have agreed to mediate later in 2014 (date to be determined). If the case does not resolve at mediation, and a claim is commenced, the contract requires arbitration in accordance with the International Arbitration Rules of the International Chamber of Commerce in Toronto, Canada.
Cobre Panama is subject to a claim from another third party of approximately $35.0 million but has made a counterclaim greater than this amount.