29Metals (ASX:29M) has announced that their insurers have agreed to make an initial unallocated progress payment of A$24 million.

Additionally, the insurers have confirmed indemnity for damages to property on the surface and any business interruption associated.

The claim process for the remaining balance of surface property damage and associated business interruption is ongoing.

The company expects that their HY2023 results will include total non-cash impairments relating to Capricorn Copper clustered between A$180 and A$210 million.

29Metals is a prominent metal mining company with an extensive portfolio of high-quality base metals projects across Australia.