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9/14/19

Minera IRL (MIRL.cse): I'm getting flak from impatient people, so here's the news

Unfair to tease this one.

On Friday at 11:27pm the tribunal arbitrating on the case between Minera IRL (MIRL.cse) and quasi-State bank COFIDE over the fate of the Ollachea project and the U$70m bridge loan forwarded by COFIDE to the mining company published its verdict on the case. You can read it here. The need-to-know is:
  • The tribunal has found in favour of Minera IRL and against COFIDE
  • COFIDE has been ordered to pay U$18.75m in damages, plus another U$13.96m in loss of earnings. 
  • The tribunal also struck off all interest payments due on the U$70m bridge loan due as from July 17th, which I believe comes to around U$16m. 
  • Along with another small award, the total award package comes to just over U$50m

This is a massive win for Minera IRL, be in no doubt. Just the U$32m cash award is around U$0.14 per share (C$0.17). The whole package is worth around USD 22c/share with the interest write-off included. Plus of course IRL can now get on, fund and build its mine.