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Atlantic receives first Windimurra insurance payment

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Atlantic has received the first payments for its insurance claim relating to the Windimurra benefication plant fire.

Last month a fire destroyed part of the miner's vanadium processing plant, at the Windimurra mine in Western Australia.

It came just days after Atlantic announced it was considering legal action against the plant's previous owner after continued problems with its operation.

The miner acquired the mineral processing plant from Mineral Resources, and since that time states it has “spent in excess of $20 million to date rectifying issues in the CMB plant and suffered significant losses due to the problems arising from the plant, estimated to be in excess of $100 million”.

After the fire the miner lodged insurance claims, and has now received $16.7 million under the first progress payment.

Of this amount, it received $3.1 million yesterday, with further payments to come during the week.

According to Atlantic "it could take nine months to rebuild the fire-damaged benefication plant and estimate the combined material damage and business interruption components of the insurance claim could be in the order of $100 million," it said in a company statement.

It has requested to remain in a voluntary trading halt.

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