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Redeveloped Toft pier in line to open in spring


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THE REVAMPED Toft pier could be ready to be reopened by the end of the April, a meeting heard.
Members of Shetland Islands Council’s harbour board heard on Thursday that progress on the project has been good despite the recent cold spell causing problems with concrete work.
The work is being led by Devon-based contractor Teignmouth Marine Services, with the project – which hopes to attract more boats to Toft – having a budget of nearly £3.5 million.
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It has suffered delays due to the coronavirus pandemic and the weather.
A total of £1 million is being covered by grant money from the European Maritime and Fisheries Fund (EMFF). ....

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Discovery Harbour Announces Agreement for Newcrest to Earn Interest in Fortuity 89 Property


The initial US$1,500,000 is a minimum commitment (
Minimum Commitment ); Phases I, II and III are at Newcrest s election to proceed. Should Newcrest elect to continue to Phase I, it shall also pay to Discovery Harbour US$250,000. Newcrest can withdraw from the Agreement any time after meeting the Minimum Commitment.
The cumulative expenditure through to the end of Phase II is US$31,500,000. Any excess expenditures from a previous phase will be applied to the subsequent phase.
Newcrest may extend the Phase III period by 12 months by paying Discovery Harbour US$500,000.
At the end of Stage III, if Newcrest earns a 75% interest it then must acquire Discovery Harbour s 25% interest at a fair value based upon parameters using standard industry valuation methods. ....

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