Crusader said on Tuesday it has filed a lawsuit against Inter Invest BP S/A over an unpaid iron ore asset sale.
Crusader announced in July last year it would sell a 100 percent of its Posse iron ore mine, located in the city of Caete, in the state of Minas Gerais, to Inter Invest BP S/A for BRL 8 million ($2.1 million).
Crusader said Inter Invest would make an initial BRL 1 million payment with the balance payable in 15 equal monthly installments until November 2018. However, the company has received only BRL 1 million so far, and it has not reached an agreement for Inter Invest to pay the missing installments.
“Accordingly, Crusader commenced legal proceedings on June 19 through the courts regarding the payment of the amounts owed and the obligations of the buying company. These requests include an injunction for the suspension of activities at Posse until payment is made in full of the amount agreed upon, as well as the payment of a daily fine if there is no suspension of activities,” the company said in a statement.
Crusader is pursuing a claim of BRL 14.5 million, which includes fines, interest and penalties.