Intrepid seeks talks on JV shut-out
24th Jul 2012
JULY 24 – Dual listed (TSX and ASX) Intrepid Mines is seeking explanations after its joint venture partner PT Indo Multi Niaga closed their multi-mineral Tujuh Bukit project in East Java, Indonesia and ordered several senior managers and expatriate workers off the site.
Intrepid, which had earned 80% economic interest in the JV after paying all the $US95M exploration bill to date, says PT IMN acted on Friday without prior reference.
The company has since been attempting to establish contact with PT IMN to try to get work going again.
It says the interruption will impact its deadline for an updated porphyry resource estimate and may also affect work on the updated oxide resource.
The move came three weeks after new shareholders took 80% control of PT IMN, sparking attempts by Intrepid to engage them in discussions about the future of the JV.
Intrepid says it has complied with all JV obligations and the law.
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