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Western Australia Supreme Court dismisses AusGroup unit's payment claims for iron ore project
WESTERN Australia's Supreme Court has on Friday dismissed AusGroup's wholly owned subsidiary, AGC Industries' claims of payments owed by Karara Mining for work carried out by AGC Industries at the Karara iron ore project in Western Australia.
The construction services firm said in May 2013 that about A$21.7 million (S$20.71 million) in progress payments for structural, mechanical and piping installation works had been withheld by Karara Mining, which is a joint venture between Australia Stock Exchange-listed Gindalbie Metals and China’s AnSteel.
AusGroup is reviewing the judgment with respect to possible grounds of appeal. Any appeal must be lodged within 21 days.
Shares of AusGroup, which is on the Singapore Exchange watch list, were trading unchanged at S$0.029 as at 9.28am.