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Proceedings begin for Forge receivers versus Rio Tinto

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Proceedings begin for Forge receivers versus Rio Tinto

Supreme Court proceedings between Rio Tinto and KordaMentha Restructuring, the receiver formining services company Forge Group, have started, with the miner claiming lossesof around A$185 million on two power station projects in Western Australia's Pilbararegion that Forge failed to complete after collapsing in 2014, The West Australian reported April 6.

The alleged losses were computed after subtracting the A$63 millionin security bonds that the mining major seized.

KordaMentha has filed counterclaims against Rio Tinto, and isseeking for the return of bonds from five Forge contracts totaling through the receivership process.The receiver has claimed that personal property laws favored Forge's secured creditorsbefore Rio Tinto.