Perth-based Australian
iron ore producer Fortescue Metals Group (Fortescue) announced on April 29 that it has been ordered to pay US$78 million to shipping contractor Zodiac Maritime, taking the total damages from its disputes with shipping companies to US$150.6 million.
The
iron ore miner got into a legal conflict with Zodiac in 2008 after Fortescue suspended a number of charter contracts due to turmoil in international
freight and
iron ore markets.
The dispute was the subject of litigation proceedings in the UK, with the High Court ruling in favour of Zodiac.
The
iron ore producer has already paid US$72.65 million to Zodiac in relation to six disputes settled prior to the court hearing. The new payment will take the total damages paid to US$150.6 million.