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IRC ( (HK:1029) ) has shared an update.
IRC Limited has announced a settlement regarding a longstanding dispute between its subsidiary, LLC KS GOK, and its EPC Contractor over the EPC Contract obligations concerning magnetite mining operations. The resolution involves a mutual release from all claims, resulting in the Group expecting a one-off gain of approximately US$46.4 million, due to the write-back of construction cost payables and interest accruals. This settlement is anticipated to positively impact IRC Limited’s financial position by resolving the dispute and removing associated liabilities.
More about IRC
IRC Limited is a company incorporated in Hong Kong, focusing on the mining industry. It operates primarily through its subsidiaries, including the Kimkano-Sutarsky Mining and Beneficiation Plant LLC (LLC KS GOK), engaging in the development and operation of magnetite deposits such as the Kimkan and Sutara deposits.
YTD Price Performance: 40.0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $142.8M
See more insights into 1029 stock on TipRanks’ Stock Analysis page.
