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Metallica proposes arrangement to settle claims of unit under administration

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Metallica proposes arrangement to settle claims of unit under administration

Metallica Minerals Ltd. proposed to submit a deed of company arrangement to settle the claims related to under-administration unit Nornico Pty. Ltd.

Nornico was placed into voluntary administration in mid-August for nonpayment of royalties under a sale agreement for the SCONI scandium-cobalt project in Queensland, Australia, to Australian Mines Ltd.

The administrators said the liquidators may be able to recover up to A$4.5 million paid to Metallica if Nornico is wound up, according to a Sept. 18 release.

However, the administrators said they will refrain from recommending the proposal until it is" developed sufficiently" and will only support it if its likely return is better compared to a liquidation scenario.

The administrators recommended that creditors vote to put Nornico into liquidation unless an acceptable proposal is presented before the second creditors' meeting.