HILLGROVE ASSUMES OPERATIONAL CONTROL AFTER PLANT HANDOVER AT KANMANTOO
Hillgrove Resources Limited (ASX: HGO) is pleased to advise that Practical Completion of the recently commissioned plant at the Company’s Kanmantoo Copper Mine in South Australia has been declared.
Hillgrove has also reached an in-principle agreement with Abesque involving a deferred payment structure for cost overruns experienced on the plant during the final stages of commissioning, as previously reported. The contract with Abesque is an “Alliance” style agreement, with both parties sharing the cost of overruns and delays. The settlement agreement involves partial payment before 31 December 2011, and deferred payment of the balance, in monthly payments spread over 12 months, commencing no later than 30 April 2012.
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