I think the company has been upfront about whatever contingent liabilities there are. In regards to the claims filed by the mining partner, the language that continues to be used is 'purported', and at this stage they cannot advise much more as the matter is not yet resolved.
(A contingent liability is a potential liability that may occur depending on the outcome of an uncertain future event).
27 CONTINGENT LIABILITIES 27a Native title claims have been made with respect to areas which include tenements in which Intermin Resources Ltd and the controlled entity have interests. The entities are unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not, and to what extent, the claims may significantly affect them or their projects.
27b Security bonds are held with respect to tenements held in Northern Territory. Bonds are set by the Department of Primary Industry and Resources, however there is no certainty that such bonds will be adequate to cover any environmental damage. Intermin Resources Ltd and its controlled entities are not able to determine the nature or extent of any further liability in view of changing environmental requirements.
27c Intermin Resources Ltd has been advised of a potential liability arising as a result of the storage of laboratory waste material at the White Range project site and is currently awaiting approval from the NT Environmental Protection Authority to bury the material at White Range. As at the date of this report, the potential liability for the rectification remains unquantifiable.
27d The Company announced to the ASX on 30 April 2018, that it had received a purported* cost variation claim from Resource Mining relating to the Teal Stage 1 project up until September 2017 and that it was working to resolve this and any additional claims that may be forthcoming from Resource Mining.
The Company announced to the ASX on 27 June 2018, that it had subsequently received a further purported cost variation claim from Resource Mining for Teal Stages 1 and 2 through to project completion. This further purported cost variation claim adopts a different methodology to the previous claim and, as with the previous claim, the Company disputes both the form and substance of the claim.
As at the date of this report, the Company is unable to estimate the likely outcome or financial impact of this claim.
*purport verb
past tense: purported; past participle: purported
pəˈpɔːt/
appear to be or do something, especially falsely.
"she is not the person she purports to be"
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synonyms:
claim, lay claim, profess, pretend; More
IRC Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
