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St. John�s - Altius announces that the Labrador Nickel Royalty Limited Partnership (�LNRLP�), of which it is a 10% limited partner, has filed an action in the Supreme Court of Newfoundland and Labrador against Vale Inco Limited and certain of its subsidiaries (�Vale�). The LNRLP holds a 3% NSR royalty covering the Voisey�s Bay nickel-copper-cobalt mine in Labrador, Canada that is owned and operated by Vale. The claim requests specific damages for underpayment of past royalties totaling US$29 million and an order in respect of the correct calculation of future payments.
The claim asserts that the royalty has and continues to be underreported in two ways:
1. One or more intercompany transactions (sale of concentrate from one Vale subsidiary to another) are used as the basis of payment calculation, which are believed to be non-representative of what would transact if at arm�s length. The underlying royalty contract expressly states that payments must be computed as if carried out at arm�s length.
2. Vale has deducted certain income taxes that it pays to the Province of Newfoundland and Labrador in determining the NSR, which LNRLP believes is not allowable under the royalty agreement.
Altius will provide further updates as material developments occur in relation to the claim.
About Altius
Altius is focused on the mining and resources sector through prospect generation, the creation and acquisition of royalties and investments. The Corporation has a strong financial position with approximately $133 million in cash and liquid investments and no debt. Altius owns an effective 0.3% net smelter return in the producing Voisey�s Bay nickel-copper-cobalt mine located in Labrador, Canada and has numerous active mineral exploration agreements principally in eastern Canada targeting a variety of mineral commodities. In addition, the Corporation holds 9.4% investment stake in International Royalty Corporation. Altius is a member of the TSX SmallCap index and currently has 28,319,895 shares outstanding.
For further information regarding this news release please contact Chad Wells at 1.877.576.2209
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Tel: (709) 576-3440 Toll Free: 1-877-576-2209 Fax: (709) 576-3441 Email: info@altiusminerals.com |
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Altius Minerals Corporation
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PRODUCTEUR |
CODE : ALS.TO |
ISIN : CA0209361009 |
CUSIP : 020936 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Altius Min. est une société basée au Canada. Altius Min. est productrice de fer, de charbon, de cobalt, de cuivre et de nickel au Canada, et détient divers projets d'exploration au Canada. Son principal projet en production est VOISEY'S BAY au Canada et ses principaux projets en exploration sont NUIKLAVIK, ALEXIS RIVER, LABRADOR PROJECT, BOXEY POINT, NOTAKWANON, TOPSAILS, KAMISTAITUSSET, TAYLOR BROOK, SOUTH TALLY POND, ROCKY BROOK et VIKING au Canada. Altius Min. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,0 milliards CA$ (766,0 millions US$, 694,0 millions €). La valeur de son action a atteint son plus bas niveau récent le 28 mars 2003 à 1,39 CA$, et son plus haut niveau récent le 10 septembre 2024 à 24,04 CA$. Altius Min. possède 43 340 000 actions en circulation. |