Rizhao Iron and Steel Limited (Rizhao Iron and Steel) as a breach of contract in 2008,chi flat irons, was convicted of the Australian Mt Gibson Iron Ore Company (Mount Gibson Iron Ltd) to pay 114 million U.S. dollars of contractual penalty. The case of the past few years, large-scale investment to the Australian mining investors in China is a warning.
Gibson Iron announced today with the sunshine of steel to win this victory the result of arbitration. Arbitrator finds that the refusal to perform with the Gibson Rizhao Iron and Steel Iron's long-term contractual obligations to its contract caused a loss to determine the amount of 1.14 billion.
sunshine Gibson Iron Steel on long-term supply contract termination and counter-claims,uggs sale, is an arbitrator rejected. Rizhao Iron and Steel will also assume the date of the arbitration result of the 6% interest and arbitration costs.
since the second half of 2006,cheap uggs on sale, the Gibson Iron on Iron and Steel had sunshine in the form of short-term supply contracts to sell iron ore. July 2007, Gibson Iron and Steel signed the sunshine for 15 years, long-term iron ore supply contract. Under the agreement, Rizhao Steel is located in each library purchasing Gibson Iron Blue Island (Koolan island) project is not more than 1.5 million tons of iron ore.
Gibson Iron was the end of 2008, investment by China Shougang iron and steel enterprises. Shougang Hong Kong-listed companies through its two Asia Pacific Resources Limited (APAC Resources Limited) and Shougang Concord International Enterprises Co., Ltd., for a total contribution to the Gibson Iron is about 162.5 million Australian dollars,chi hair straighteners, holding a total of nearly 40% of Gibson Iron shares.
2008 years, the economic crisis and the long association of iron ore spot prices well below the prices of a large number of Chinese steel companies tearing up a long association contract,ugg boots wholesale, instead of procurement from the spot market. October 2008, Gibson Iron,ugg boots uk, once announced, some customers had a long association unilaterally terminate the contract, the degree of the company into crisis, the company had in the market looking for new customers to sell iron ore.
victory on the Sunshine Steel is already the third time this year, Gibson iron ore breach of contract dispute in the win. Previously, the company has in India,ugg outlet store, with a Hong Kong company and the company's settlement and arbitration were to win 25 million U.S. dollars and 23 million U.S. dollars.
Gibson Iron said in the announcement will take immediate steps to fully recover compensation for steel sunshine.
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