0% Sallies appeals Honeywell ruling
Miningmx reporter | Wed, 20 May 2009 14:55[miningmx.com] -- SALLIES is appealing a decision against it by the International Chamber of Commerce Arbitral Tribunal. The tribunal ruled in April that the fluorspar producer has to pay R11.5m plus interest to US-based Honeywell. The amount originally claimed by Honeywell was R65m plus interest and costs. Sallies filed an alternative claim for R42m plus interest and costs. The case relates to a terminated supply agreement between the two companies. The ruling was that Sallies pay Honeywell $1.24m plus interest at 5% per annum, working back from January 2006. This amounts to an additional $200,000. Each party would pay its own legal costs. Sallies and Witkop Fluorspar Mine are requesting that the Federal Supreme Court of Switzerland set the final award aside. The case would be sent back to the arbitral tribunal for reassessment. Sallies hopes the tribunal will reject Honeywell’s claim and instead approve the counterclaim it put in with Witkop. The company made no provision for the claim in its interim results for the six months to end-December 2008. Fluorspar is used as a flux to lower the melting point of raw materials in steel production to aid the removal of impurities, and later in the production of aluminium. It is also used in the manufacture of opalescent glass, enamels and cooking utensils. The highest grade fluorspar is used to make hydrofluoric acid.
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