Mining Co. Disputes $650M Suit Over Failed Chinese Mine

Law360, New York (January 17, 2012, 4:24 PM EST) -- London Mining PLC on Monday hit back at its joint venture partner on a Chinese iron ore mine, accusing Wits Basin Precious Minerals Inc. of filing an unfounded $650 million breach of contract suit to avoid paying a $1.2 million loan obligation.

London Mining said the counterclaim comes after it sued last month to recover the loan payment from Wits Basin, its joint venture partner in the Xiaonanshan iron ore mine in China, which stopped production in 2010.

“London Mining firmly believes that the answer and...
To view the full article, register now.