July 19, 2018
Jilted buyer sues over Taharoa
Landowner Taharoa C Block’s purchase of the company that mines iron sands from its land south of Kaipara could be headed for a drawn-out court process.
NZ Iron Sands, which was set up by Australian advisory firm Gleneagle Securities for a syndicate of investors to buy Taharoa Ironsands, is claiming $506 million because it claims its earlier agreement to buy the mine was wrongly terminated.
Toward Industries, the subsidiary of Glenbrook steel mill operator Bluescope which sold the mine, tried to narrow the proceedings, but Justice Edward Wylie has ruled a full trial is needed.
Toward expects the trial will last at lease four weeks, and it can’t be held until the second half of next year at the earliest.
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