Toronto group awarded stake in TVX mines
Article Abstract:
TVX Gold Inc. has been ordered by a judge in Canada's Ontario province to honor the 24% interest of three Ontario businessmen in the company's Kassandra mine project in Greece. The interest, which has an estimated value between $200 million and $250 million, consists of 12% carried interest and another 12% participating interest in the mines after payment of costs. The judge held that TVX must stand as trustee for the businessmen with respect to their interest. It was held that TVX did not have the right to acquire the mine property for itself after David Lean, James Stephenson and Hendrik Visagie first called its attention to the property. The decision said that TVX violated its contractual obligations under a confidentiality agreement it entered into with the businessmen.
Comment:
Is ordered by judge to honor 24% interest of three businessmen in its Kassandra mine project in Greece
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Glamis to review plans in light of slumping gold prices
Article Abstract:
Glamis Gold Ltd is in the process of reviewing its corporate strategy as a result of the drop in gold prices. Gold is priced at about $253.9 per ounce as of Sep 2, 1999, a sharp decline from the nearly $300-per-ounce price it had in 1998. Glamis, which acquired Ray Resources Inc in a bidding war with Viceroy Resource Corp in 1998, has already reduced its workforce by 30 since Mar 1999. The company intends to bring its cost of production to below $240 an ounce by the end of 1999.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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