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Intermin settles cost-variation claims with Teal gold-mine contractor

Intermin Resources Ltd. resolved a dispute over cost-variation claims with mining contractor Resource Mining Pty. Ltd. related to the recently completed first and second stages of the Teal gold mine in Western Australia.

As settlement, the total disputed amount of the variation claims was split 50/50, while the remaining net operating cash was split 75% to Intermin and 25% to Resource Mining, according to a Dec. 19 release.

The companies were co-funding development of the Teal mine on a 50/50 cost and risk share basis to first gold production, and the net operating cash flow was agreed to be shared 75% by Intermin and 25% by Resource Mining.

After both parties receive cash from the project's joint bank accounts, Intermin will have total cash and investments of about A$7.8 million.