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UPDATED: INTREPID Mines Limited (ASX: IAU) has received the consideration payable to it of US$80 million today, following shareholder approval of the settlement.
Shareholders approved the financial settlement over an ownership dispute, with a landslide vote in favour at a meeting yesterday.
The company has endured a lengthy court battle to recover lost capital, after losing control of the Indonesian Tujuh Bukit copper-gold site in 2012.
“We are very pleased that the shareholders have endorsed the board’s recommended commercial settlement of the Indonesian dispute.
There were almost 400 million proxy votes in favour of the deal, compared to just over one million against.
Chairman Ian McMaster addressed the meeting, saying the money could be reinvested in a number of ways.
“However above all else we believe that the choice about the future of the company belongs to the shareholders, not to the board, and we have already committed not to take any decisions that pre-empt that shareholder choice,” he says.
Intrepid will host a series of meetings to determine the company’s future, including the annual general meeting in late May.
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