PASMINCO SETTLES ELURA INSURANCE CLAIM

An insurance claim arising from the March 1996 partial collapse at Pasminco’s Elura mine in New South Wales has been settled for $25 million.

After adjusting for amounts already paid on the claim and a $1 million deductible, the amount payable to Pasminco is $22.95 million. The settlement will have a positive impact, after allowing for prior year provisions, of $16.5 million before tax in the 1999/2000 financial year.

No one was injured in the collapse which occurred when a crown pillar failed creating a collapse zone running through the top section of the mine to the surface. A section of the mine was rendered unworkable, some infrastructure was lost and production at the time was disrupted for several months.


For further information contact:

Peter Griffin
Group Manager - Public Affairs
03 9288 0463
0419 314 265

Return to Home