Ann: Gulf to undertake Due Diligence on Manganese Mine, page-49

No KPR settled the case with ILP and paid $5m initially and was then paying the money off, but was waiting for approval of the DSO. [KPR (CHM) had got a settlement of $25m from Mitsubishi who had taken over/joint ventured with Murchison Minerals - Phillip Grimaldi (his actions have now become legal case studies in what directors should not do).]

KPR had set the whole Mn ore process up in Kupang with agreements for supply, processing plant in place, dock and loading facilities, tenements and production licences.

It was the extended delay that sent them broke as the expected the income from the DSO shipments within months, but it turned out to be about 18 months and still no approval . ILP were even given shares in KPR as part of the deal.

ILP then sent them broke because he couldn't wait any longer for the DSO approval and thus repayment. $1.9m would have settled it but the directors wouldn't put their hands in their pockets.

I don't think the matter has finally settled - but it may have as I haven't followed for a year or so.

How do I know all this? - I had a significant shareholding which my better half reminds me regularly.