IMX Resources (ASX: IXR) has issued a demand notice to Taifeng Yuanchuang International Development Co. for not paying its 49% share of the Cairn Hill the iron ore and copper mine expenditure.
On 14 November 2011, IMX called on joint venture partner Taifeng to pay A$4,121,601 by 28 November 2011, under the Heads of Agreement between IMX and Taifeng dated 29 December 2009.
As of 30 November 2011, Taifeng had not paid the cash call and has recently indicated to IMX that it will not be paying it.
IMX has written to Taifeng demanding payment by 7 December 2011 and has requested Taifeng to commit to honour its obligations to pay its share of future cash calls.
If the payment and that commitment are not received by 7 December 2011, IMX will review all legal options available to it concerning that matter and will take action to ensure it is protecting its interest in the joint venture.
Meantime IMX will continue to sole fund the Cairn Hill project and its operations, as well as continuing sales in the normal course of business.
IMX’s interest in the Cairn Hill JV is held through a direct 51% interest in the JV company, Outback Iron Pty Ltd. IMX is the manager of this operation.
Taifeng holds the remaining 49% interest in Outback. Outback, through its subsidiary Termite Resources NL, holds ML 6303 on which Cairn Hill Phase 1 and 2 sit.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22906/imx-resources-issues-demand-notice-to-taifeng-22906.html
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