CSR Limited advises that it has settled a longstanding dispute that arose following the sale of its interest in Gove Aluminium Limited to Alcan Northern Territory Alumina Pty Limited in January 2001. Gove Aluminium Limited held a 30% share in the bauxite and alumina joint venture at the Gove Peninsula in the Northern Territory.
The dispute related to adjustments to the price paid for the interest and was the subject of litigation in the Supreme Court of New South Wales.
The parties have agreed to settle the dispute on the basis of a net amount payable to CSR of approximately A$21.5 million. This amount will be treated as a significant item in CSR’s financial accounts for the half year ending 30 September 2004.
CSR continues to participate in the aluminium industry through its effective 25.2% interest in the Tomago aluminium smelter in the Hunter Valley with joint venture partners Alcan and Norsk Hydro.
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Posted August 17th. 2004