Kinross Gold Corporation (NYSE: KGC) Inks Definitive Agreement, Clarus Corp (NASDAQ: CLAR) and Lipocine Inc (NASDAQ: LPCN) Agrees To Clear Outstanding Claims

Kinross Gold Corporation (NYSE: KGC) announced that the company had inked a definitive agreement with the Government of Mauritania. As part of the agreement, the company will supply the only certainty on Tasiast economics.

The same terms apply to the latest agreement

It has come to light that an agreement was inked in June 2020. The exact terms and conditions applicable in the previous agreement stand applicable to the latest agreement signed recently. Tax exemptions on fuel duties apply to the agreement. VAT refunds amounting to roughly $40 million, outstanding, will be repaid by the Government to Kinross. Kinross Gold Corporation will pay another sum of $10 million to the Government in a bid to settle disputed matters. An updated royalty structure regarding the gold price, which is in tune with the present Mauritanian mining legislation, is likely to be introduced. 

Mauritania minister assures support to the company

It has come to light that Mauritania’s Minister of Petroleum, Mines, and Energy, Abdessalem Ould Mohamed Saleh, has committed to lend support to Kinross Gold Corporation. During his two-day visit to the mine site, he interacted with company officials. 

“The completion of this agreement is a testament to the quality of the strategic partnership between the Government of Mauritania and Kinross. The agreement is also indicative of the Government’s commitment and focus on attracting responsible, experienced and long-term private sector partners in Mauritania to carry out projects that advance the country’s development and provide benefits to its people,” said Minister Saleh.

Clarus Corp (NASDAQ: CLAR) and Lipocine Inc (NASDAQ: LPCN) to clear outstanding claims

Clarus Corp (NASDAQ: CLAR) and Lipocine Inc (NASDAQ: LPCN) have confirmed that the two will clear their pending dues regarding the patent infringement lawsuit. Lipocine Inc is fighting the lawsuit against Clarus Corp in connection with Clarus’s marketing of JATENZO®. 

About the lawsuit

In May 2021, Clarus Corp requested a copy of the judgment regarding the asserted patent claims by Lipocine Inc. Subsequently; the lawsuit was granted. According to recent developments, the two parties involved have agreed to settle the matter. However, the cost involved in the settlement deal remains confidential. 

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