Champion Iron enters settlement agreement for contract dispute

Company News

by Jessica Amir

Champion Iron (ASX:CIA) (TSX:CIA) has entered into a agreement providing the steps for the conditional settlement of a contractual dispute with the Port of Sept-IIes, a Port in eastern Qubec, Canada.

The iron ore mining and development company says the agreement involves Champion Iron or its subsidiary of the company, Quebec Iron Ore, to make payments in tranches, of $19.581 million.

The payment is for Port’s claim of the buy-in payment, under the agreement.

The settlement relates to an alleged dispute, without admission to its Port of Sept-IIes agreement dated 13 July 2012.

The agreement also involves Champion Iron making an immediate payment of a certain undisclosed amount of money.

Shares in Champion Iron (ASX:CIA) are trading 1.9 per cent lower to $1.03.
 

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