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IRC amends Kimkan facility construction contract

IRC Ltd. agreed to an amendment to the engineering, procurement and construction contract with China National Electric Engineering Co. Ltd., the contractor for its Kimkan iron ore production facility.

The amendment includes a reduction by US$3.9 million in the deferred payment under the contract, the issuance of the taking-over certificate for the project Dec. 31, a payment of approximately US$4.5 million by CNEEC within two days of this agreement to cover remedial and associated costs, and the release of the performance bond.

The agreement also allows IRC subsidiary KS GOK to still pursue its claim for delay penalties, totaling about US$23.7 million, according to a Dec. 28 release.

In December 2015, IRC requested a temporary suspension in trading of its shares to update investors about the worsening of a dispute with CNEEC over delays in commissioning of the K&S iron ore project in Russia.

IRC successfully completed a test run of the new processing facilities at K&S in May, which yielded wet concentrate with iron content of 65.5%.