United Goldfields/Pancontinental Mining Settle Dispute

摘要

Greenwich Resources pic, London, announces that its wholly-owned Australian subsidiary, United Goldfields Corp. NL (UGC) has received a payment of 6 million Australia (4.76 million US dollars) in settlement of a four-year dispute with Pancontinental Mining Ltd. This dispute arose in 1992 over the method of calculating payments of the 12.5 dollars percent net profit interest held by UGC in the Paddington gold mine in Western Australia, owned and operated by Pancontinental. Following a judgement in UGC s favor in the Supreme Court of Western Australia, UGC has reached agreement with Pancontinental, now a subsidiary of Renison Goldfields Consolidated Ltd., as follows: all UGC s claims for arrears in NPI payments to Sept. 30, 1994 will be settled by a payment of 6 million Australia dollars by Puncontinental to UGC;