Company successful in claim for compensation in respect of Nordkalk AB land use restrictions
QUARRIED materials group SigmaRoc have been successful in their claim for compensation from the Swedish state in respect of land use restrictions.
On 1 April 2020, Nordkalk AB filed a claim for compensation for economic loss due to land use restrictions as a result of the Swedish Government’s designation of a piece of land as environmentally protected pursuant to a Natura 2000 decision.
SigmaRoc acquired Nordkalk AB in August 2021 and details of the claim were disclosed in the Group’s related admission document of 16 July 2021.
The verdict, pronounced on 14 March 2023, made an award to Nordkalk AB in compensation for this economic loss, of which c.SEK188 million (c.£17 million), which is to be adjusted for inflation and interest until payment is made, is receivable by the Group as its share.
The verdict is capable of being appealed by the Swedish state until 4 April 2023 and receipt of funds remains subject to the outcome of any appeal, if lodged.
Max Vermorken, chief executive officer of SigmaRoc, commented: ‘We are pleased with this news and that the Swedish Courts have recognized our economic loss. Should no appeal be lodged and when we are in receipt of funds, we intend to use the damages awarded, if confirmed, to secure further reserves of our business in Sweden and to fast-track the decarbonation of our operations.’