2023-07-18 17:12:26 ET
- 5E Advanced Materials ( NASDAQ: FEAM ) said on Tuesday that it had filed a complaint against Matrix Service, alleging numerous breaches by Matrix of its contractual obligations to 5E.
- FEAM said it had made the decision to remove Matrix from the project site due to repeated cost escalation and schedule misses.
- The company said it had originally entered into a contract with Matrix in April 2022 to lead construction efforts in building its small-scale boron facility in Newberry Springs, California.
- FEAM added that it had hired new contractors to complete the last-minute construction activities at the facility.
- According to FEAM, the facility's ability to produce boric acid continues to be on track.
- Press Release
For further details see:
5E Advanced Materials hires new contractors to complete small scale boron facility