Copperchem entered into the Agreement in 2004 and varied it in September 2009. They commenced mining during the last half of December 2011; and the royalty of $925,211 was agreed to in March of this year.
Copperchem then requested to go from 30 to 90 days to pay the agreed amount - but the amount owing on the 23rd March 2012 has to date has NOT been paid.
Copperchem are now disputing that it even needs to be paid!
The project is expected to generate ~$25m to Exco over the life of the project.
Apparently in the Agreement there are dispute resolution processes., and Exco should trigger them & go for their throat imo!
EXS Price at posting:
20.5¢ Sentiment: None Disclosure: Held
