Greenwich strikes gold
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.GREENWICH Resources, the gold mining company chaired by former Labour MP Colin Phipps, has won a court battle for its share of profits from one of Australia's biggest mines, writes Antonia Feuchtwanger. The decision could boost the shares, which closed on Friday at 153/4p.
On Thursday an Australian court ruled in favour of Greenwich in its dispute with Australia's Pancontinental, owner of the expanding Paddington gold mine. Three years ago new accounting practices were applied to the calculation of Greenwich's right to an eighth of the mine's net profits, reducing its share from A$2m-A$3m a year (pounds 896,000-pounds 1.3m), first to A$1m and then to a trickle.
Putting Greenwich's share back to where it was is worth perhaps A$8m - or 3p a share. The future value of the reinstated earning stream could be much more. Dr Phipps said: "Pancontinental now has a new board. This is a problem of the old regime. We are confident we can come to a swift and amicable arrangement." Pancontinental is now owned by Australia's Renison.
While the amounts involved were relatively small to Pancontinental they were significant to Greenwich, which has interests in Sudan, the Czech Republic and Greece. Shareholders have been through some grim times since the shares nudged pounds 4.50 in 1987.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments