BC Iron announced that the litigation between BC Iron Nullagine – as manager of the Nullagine Joint Venture (NJV) – and Watpac Civil and Mining has been settled.
The legal dispute between the two parties started late last year after BC Iron and its 25% NJV partner Fortescue Metals Group filed a lawsuit against Watpac, alleging that the civil and mining services company had breached its contractual obligations while working at the project.
Watpac responded with a lawsuit of its own and sought damages for early contract termination.
BC Iron told the ASX that the settlement terms are confidential, but include a final payment by the NJV parties to Watpac.
“We are pleased to have settled this matter on acceptable terms and BC Iron can now reposition its focus on progressing the Company’s strategic Buckland mine-to-port development project, and potential new business initiatives,” said BC Iron’s Chief Executive Officer Alwyn Vorster.
“BC iron also continues to reduce NJV holding costs and assess a range of options in relation to the asset.”