Wir verwenden Cookies, um Ihnen eine optimale Funktion der Webseite zu ermöglichen. Wenn Sie weitersurfen, stimmen Sie der Cookie-Nutzung zu. Mehr erfahren
In Ihrem Webbrowser ist JavaScript deaktiviert. Um alle Funktionen dieser Website nutzen zu können, muss JavaScript aktiviert sein.
RohstoffWelt - Die ganze Welt der Rohstoffe HomeKontaktRSS
Powered by: Powered by GoldSeiten.de
 
[ Druckversion ]
Fresnillo Plc
Fresnillo Plc
Registriert in: Mexiko WKN: A0MVZE Rohstoffe:
Art: Originalaktie ISIN: GB00B2QPKJ12 Gold
Silber
Kupfer
Blei
Zink
Heimatbörse: London Alternativ: FRES.MX
Währung: GBP    
Symbol: FRES.L Forum:

Fresnillo plc Comments on Arbitration Decision

09.05.2011 | 14:04 Uhr | Marketwired

LONDON, UNITED KINGDOM -- (Marketwire) -- 05/09/11 -- Fresnillo plc (LSE: FRES)(BMV: FRES) today announced that an Arbitration Panel formed according to the Arbitration Rules of the International Chamber of Commerce has delivered its decision in respect of claims made by Vancouver-based MAG Silver Corp, Fresnillo's joint venture partner in the advanced exploration stage Juanicipio silver project in Mexico.


The Arbitration Panel rejected MAG's claims that Fresnillo was deficient in the execution pace or performance of drilling at the project. The Arbitration Panel denied both of MAG's principal demands, specifically: (a) that Fresnillo be ordered to pay damages to MAG of up to US$61 million related to MAG's claims that delays by Fresnillo delayed the start of production; and (b) that Fresnillo be ordered to sell or transfer its equity participation in the Minera Juanicipio joint venture to MAG.


The Arbitration Panel upheld certain other MAG claims, including claims related to Fresnillo's announcement in December 2008 that it intended to make an unsolicited bid to acquire MAG. Fresnillo announced its intention based on the opinion of external legal counsel regarding a certain clause in the JV Agreement. The Arbitration Panel, based on a different interpretation of that clause, ordered Fresnillo to reimburse MAG for legal fees of US$1.86 million incurred by MAG in connection with the announcement of Fresnillo's intended offer.


The cost of the arbitration was US$775,000. The Arbitration Panel ruled that each party should pay 50% of the arbitration cost and bear its own legal costs.


Jaime Lomelin, Chief Executive Officer, said, 'We are pleased that the Arbitration Panel has dismissed MAG's most serious claims. We continue to believe Fresnillo has acted appropriately and in accordance with the terms of the joint venture agreement.'


For further information on Fresnillo, please visit our website: www.fresnilloplc.com.


About Fresnillo plc


Fresnillo plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.


Fresnillo has five producing mines, all of them in Mexico - Fresnillo, Cienega, Herradura, Soledad-Dipolos and Saucito; one development project - Noche Buena; and six advanced exploration prospects - San Ramon, San Julian, Orysivo, Centauro Deep, Las Casas and Juanicipio, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.91 million hectares in Mexico.


Fresnillo has a strong and long tradition of mining, a proven track record of mining development and reserves replacement, and a low cost of production, being in the lowest quartile of the cost curve for both silver and gold.


Fresnillo's goal is to maintain the Group's position as the world's largest primary silver company, producing 65 million ounces of silver and over 400,000 ounces of gold by 2018.

Contacts:

Fresnillo plc

London Office

Arturo Espinola

Head of Investor Relations

+44(0)20 7339 2470


Fresnillo plc

Mexico City Office

Gabriela Mayor

+52 55 52 79 3203
www.fresnilloplc.com


For European Media:

Brunswick Group

Carole Cable, Partner

David Litterick, Director

+44(0)20 7404 5959


For North American Media:

Longview Communications Inc.

Alan Bayless

+1 604 694 6035


 
Bookmarken bei Mister Wong Furl YiGG Wikio del.icio.us Webnews
A A A Schriftgröße
 
 
 
© 2007 - 2024 Rohstoff-Welt.de ist ein Mitglied der GoldSeiten Mediengruppe
Es wird keinerlei Haftung für die Richtigkeit der Angaben übernommen! Alle Angaben ohne Gewähr!
Kursdaten: Data Supplied by BSB-Software.de (mind. 15 min zeitverzögert)

Werbung | Mediadaten | Kontakt | AGB | Impressum | Datenschutz