Mgx's remaining claim resulting from the Sea Wall collapse at KI...

Mgx's remaining claim resulting from the Sea Wall collapse at KI is for Business Interruption, or loss of profits.

I'll cut you some slack Pctrader as you're a newbie, but this claim has been discussed at length on the Mgx threads over the last year.

By no means is this a 'normal' insurance claim. It bears no comparison with any car insurance claim, or any storm damage claim that you may have made on your own Home. I've been reliably informed it probably involves at least a dozen 'line insurers' who all have a percentage of the total claim, a good majority of whom would be overseas insurers, all of whom must review the claim in order (or, in line....) and individually sign off on their portion. The 1st, or 'lead' insurer, will generally guide the process, but if one of the following insurers decides to question some calculations, well, the process may need to start over. So a very complex process.

The claim calculation itself is for loss of income for the 12 months immediately following the sea wall collapse. This period also coincided with the dramatic fall in the IO price, which will severely impact the ultimate settlement amount. The calculation of the actual loss will involve accounting, insurance, legal and mining industry professionals and specialists representing Mgx, and then the individual insurers themselves will have their own calculations and professionals.

So to answer your question with a question, "What is a 'normal' time frame for a claim of such complexity?

Just like Mgx, we shall all just have to wait and see......

GLTAH.