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BC Iron seeking A$91.8M in damages from Watpac over Nullagine iron ore JV

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BC Iron seeking A$91.8M in damages from Watpac over Nullagine iron ore JV

said April 29 that ithas estimated the cost of damages suffered in the unincorporated joint venture with to beabout A$91.8 million.

BC Ironis seeking damages from Watpac Civil & Mining Pty. Ltd. in initiated in a WesternAustralian court in December 2015, as a result of the latter's alleged failure tocomply with its obligations under its mining service contract.

This comes recently after the company said it was "consideringall of its strategic options" for the suspended Nullagine iron ore mine inWestern Australia, including a potentialsale of its 75% interest in the joint venture.

Productionhas been suspended atthe site since late last year after the price of iron ore slipped below US$38 atonne.

On theother hand, Watpac took BC Iron to courtover A$12.5 million in outstanding claims that the miner allegedly owed the formerfollowing the terminationof Watpac's contract at Nullagine.