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Wolf Minerals reaches settlement in dispute with GR Engineering Services
(WebFG News) - Specialty metals producer Wolf Minerals updated the market on its ongoing disputes with GR Engineering Services on Friday, which are associated with the EPC contract for the Hemerdon tungsten and tin project in Devon, south west England.
The AIM-traded company confirmed that it had entered into a settlement agreement with GR Engineering to fully and finally settle all claims in relation to the contract, without admission of liability by either party.
"Under the terms of the settlement, GR Engineering has agreed to contribute a settlement sum to Wolf to fully fund the expected cost of the noise and vibration management plan at no further cost to the company," Wolf's board said in its statement.
"Upon receipt of the settlement sum, Wolf has agreed to return to GR Engineering all security it holds under or in connection with the contract, including the £7.5m performance bond."
The board said the settlement was not expected to provide any change in the company's operating performance or cash flows.