Regulatory
AUXICO ANNOUNCES FINAL ICC ARBITRATION AWARD OF USD $2.2 MILLION AGAINST JBNX (BRAZIL)
AUAG · Price
Executive Summary
- The International Court of Arbitration (ICC) issued a final, binding award in Auxaux’s favor against JBNX Holding for breach of a 2020 purchase agreement.
- JBNX is ordered to pay approximately USD $2.2 million (USD $1,992,756 principal plus interest, legal fees and arbitration costs).
- Auxico is commencing steps to enforce the award in Brazil, providing a material cash recovery for the company.
Key Details
- Award Amount: Approximately USD $2.2 million total.
- Principal damages: USD $1,992,756.
- Additional amounts include accrued interest, legal fees, and arbitration costs (not separately quantified).
- Case Reference: ICC Final Award – Case No. 27317/PDP (EPP).
- Underlying Issue: JBNX breached a 2020 purchase agreement by failing to deliver 10,163 metric tons of manganese ore that Auxico had prepaid for.
- Enforcement: Auxico is undertaking the necessary legal steps to enforce the award in Brazil.
- Impact: The award represents a material positive cash inflow, improving Auxico’s liquidity and offsetting prior out‑of‑pocket expenditures related to the purchase agreement.
Notable Quotes
(No direct quotes were provided in the release.)