Crusader Resources concludes 'all matters' at Posse mine

Crusader Resources issued a final update to the Posse legal case, anded noted the payment of the second monthly instalment from Inter Invest A via SPV CNS Empreendimentos Em Transportes E Minerios Eireli, on Wednesday.

The AIM-traded firm said that, following the successful judgement passed down by the Brazilian courts on 26 October, it received its second instalment payment of BRR 0.2m ($0.05m) on 19 November.

It said that was the second payment of the agreement, in which the buying company was required to make monthly payments of between BRR 0.2m and BRR 0.25m between November this year and March next year.

That would then be followed by eight monthly payments of about BRR 1m between April and November 2019.

Additionally, in relation to the previously-owned Posse mine and an environmental claim by the Public Ministry, Crusader said it had now concluded an agreement to resolve action at the Posse mine.

It agreed to pay BRR 0.04m in three instalments, and undertake some environmental work estimated to cost BRR 0.02m, which it claimed concluded the matter.

“We are pleased to have successfully completed all the outstanding matters relating to Posse and we look forward to receiving the remaining twelve instalments totalling BRR 9.1m by November 2019,” said Crusader Resources managing director Marcus Engelbrecht.