www.unuudur.com » Macmahon flags Mongolian fight

Macmahon flags Mongolian fight

[Нийтэлсэн: 13:55 25.10.2014 ]


Macmahon Holdings has raised the possibility of legal action against a Mongolian coal miner over a disputed contract worth hundreds of millions of dollars.

The company said there was no certainty that talks with state-owned Erdenes Tavan Tolgoi could resolve the standoff.

Macamahon made the comments after announcing that a standstill agreement with ETT had been extended for another two weeks.

A Mongolian subsidiary of the contractor and ETT are attempting to renegotiate the contract.

“At this point there is no certainty that these efforts will result in an agreed outcome,” Macmahon said.

“However, for the time being, the judgment of the company is that further discussions should occur before other options such as international arbitration are pursued.

“If it is ultimately necessary to terminate the contract with ETT, Macmahon’s Mongolian subsidiary will promptly commence alternative processes to enforce its contractual entitlements against ETT.

By the end of August, the WA company had unpaid progress claims of about $US30 million ($34 million). Macmahon said ETT was obliged to buy $US48 million in project equipment if the contract was terminated.

The Tavan Tolgoi project was forecast to contribute about $100 million to Macmahon’s revenue this financial year. The work was scheduled to run until 2017.

Macmahon’s share price was down 0.1 cents to 9.8 cents at 9.38am.

Peter Williams


Mongolia Celebrates 60 Years in the United Nations
[Нийтэлсэн: 03.11.2021 ]
[Эх сурвалж: ]
SouthGobi Announces Profit Warning and Business Update
[Нийтэлсэн: 29.10.2021 ]
[Эх сурвалж: ]
Coal truckers stuck at Mongolia-China border
[Нийтэлсэн: 29.10.2021 ]
[Эх сурвалж: ]
Chile protests take toll on Antofagasta quarterly output
[Нийтэлсэн: 23.01.2020 ]
[Эх сурвалж: ]
Metallurgical coal prices starting to slip: Fitch
[Нийтэлсэн: 02.10.2018 ]
[Эх сурвалж: ]
Copper price plunges to 1-year low
[Нийтэлсэн: 14.07.2018 ]
[Эх сурвалж: ]
Global Religion and the United Front: The Case of Mongolia
[Нийтэлсэн: 11.07.2018 ]
[Эх сурвалж: ]
Thermal coal prices hit 6-year high
[Нийтэлсэн: 09.07.2018 ]
[Эх сурвалж: ]
Former Rio Tinto exec jailed for corruption in China let free
[Нийтэлсэн: 09.07.2018 ]
[Эх сурвалж: ]

Get Flash to see this player.