Dec 22 (Reuters) - BC Iron Ltd BCI.AX :
* NJV contract update
* "NJV firmly believes that it has paid Watpac all of the money Watpac is due
under the terms of the contract"
* Will be taking action against Watpac in respect of the losses
* NJV believes that it has suffered losses as a consequence of breaches, and
will be taking action against Watpac in respect of losses
* NJV considers that during term of contract, Watpac breached its primary
service obligations to BCIN as manager
* "NJV firmly believes that watpac's claims have no contractual basis or merit"
* Source text for Eikon ID:nASX99Vq9v