INTERNATIONAL ROYALTY CORP
SymbolROY

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International Royalty files claim against Vale Inco for underpayment of royalty

2009-10-16 08:45 ET - News Release

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DENVER, CO, Oct. 16 /CNW Telbec/ - International Royalty Corporation (NYSE-A: ROY, TSX: IRC) ("IRC" or the "Company"), as General Partner of the Labrador Nickel Royalty Limited Partnership ("LNRLP"), announced today that LNRLP has filed a claim in the Supreme Court of Newfoundland & Labrador against Vale Inco Limited ("Vale Inco") and its wholly owned subsidiaries, Vale Inco Atlantic Sales Limited ("VIASL") and Vale Inco Newfoundland and Labrador Limited ("VINL"), related to the calculation of the Net Smelter Return ("NSR") on the sale of nickel concentrates from VINL's Voisey's Bay Mine to Vale Inco. The NSR is the basis for payment of the 3.0% royalty due to LNRLP, which is 90% owned by IRC. The claim requests specific damages for underpayment of past royalties and an order in respect of the correct calculation of future payments.

The claim asserts that Vale Inco is underreporting the NSR in two ways:

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