THERE IS SPECULATION that Jordan Magnesia Co. Ltd (Jormag) might be for sale, now that majority owners Arab Potash Co. (APC, with a 55.3 percent stake in Jormag) succeeded in securing a claim against one of the Jormag plant contractors earlier this year. Since 2004, Jormag has been engaged in ICC arbitration proceedings with AMEC Americas Ltd (initially, AGRA Monenco Inc., a predecessor company of AMEC) concerning the construction of the plant as party to a joint venture. Hearings took place in March and September 2006. In April 2007 Jormag and the contractor reached a settlement and Jormag received 41 million dollars. in May 2007. A portion of this settlement was used to pay social security and other third party liabilities, the balance has been retained by APC.
展开▼
