BlueScope says its New Zealand subsidiary will vigorously defend proceedings brought over the collapsed sale of a mining business that a consortium of investors claim cost it $886 million in lost profits.
BlueScope said the NZ Iron Sands Holdings consortium had failed to meet the required consents and conditions to purchase Taharoa Iron Sands, which was eventually sold in April to the owners of the land upon which the operation is conducted.
The steelmaker paid about $NZ51 million ($A46 million) to offload the business and said NZIS's calculations of $886 million of lost profits for 2017 to 2029 are based on unsubstantiated assumptions.
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