Mining group settles lawsuit
Mines Management Inc. paid $500,000 to settle a legal dispute over royalty rights at its Montanore copper-silver project.
The cash payment to Montana Reserves Co. of Spokane settles a 2005 lawsuit filed in Spokane County Superior Court. As part of the agreement, announced Friday, Montana Reserves will give up the right to a 5 percent royalty on net profits from any future production at Montanore.
The deposit in northwestern Montana contains an estimated 230 million ounces of silver and 1.7 billion pounds of copper. Mines Management acquired the Montanore project five years ago. The firm is working to permit and open the mine.
According to the lawsuit, Montana Reserves owned a 45 percent interest in the property, which was later converted into a royalty agreement based on returns from future mining.
Avista announces quarterly dividend
Spokane-based Avista Corp.’s board of directors declared Friday a quarterly dividend of 15 cents a share on the company’s common stock.
The stock dividend will be payable Dec. 14 to shareholders who are on record by close of business Nov. 29.
SAN FRANCISCO
Google offers prize for software
Google Inc. is offering $10 million in prizes for people who build the best software for the company’s upcoming cell phone operating system.
The Mountain View, Calif.-based company is developing a free cell phone software package that it says will make it easier to surf the Web over mobile devices. It also will give Google more opportunities to sell ads and services.
The system will be based on computer code that can be openly distributed among programmers, which Google hopes will encourage developers to create new software and improvements that could spawn new uses for smart phones.
As part of the Android Developer Challenge, a panel of judges will pick 50 winners from entries received from Jan. 2 through March 3, 2008. Those winners will each get $25,000 and be eligible for 10 awards of $100,000 and another 10 $275,000 awards.
Android will compete with mobile operating systems made by Microsoft Corp., Palm Inc., Research In Motion Ltd., and Symbian, which is owned by Nokia Corp. and several other major phone makers.
NILES, Ohio
Boeing awards titanium contract
RTI International Metals Inc. said Monday it has won a 10-year contract to supply Boeing Co. with structural titanium for the new 787 Dreamliner.
The contract will generate $900 million in revenue over the next decade for the titanium products maker.
RTI’s Houston and Montreal plants, and some supply chain partners, will be involved in making finished titanium parts for the Boeing 787’s seat tracks.
RTI expects the revenue from the contract will gradually increase to $100 million annually by 2010.
Boeing said about a month ago that it is delaying initial deliveries of the 787 Dreamliner by six months until late next year.