Atok, Intex finalize agreement on Mindoro mine suit

Rappler.com

This is AI generated summarization, which may have errors. For context, always refer to the full article.

The Ongpin-led group's mining firm says it has 'finalized and completed' agreement with Intex to 'amicably settle their dispute'

FINAL AGREEMENT. The agreement between Atok and Oslo-based Intex to settle dispute over Mindoro mine has been completed, says the firm of Filipino billionaire Roberto Ongpin (left). File photo by Aya Lowe/Rappler

MANILA, Philippines – Mining firm Atok-Big Wedge Co. Inc. announced it has finalized its agreement with Norwegian firm Intex Resources AS to terminate their case against each other pending before the Makati Regional Trial Court.

In a disclosure to the Philippine Stock Exchange released on Thursday, October 24, Atok said it has “finalized and completed its agreement with Intex…to amicably settle the dispute regarding the Mindoro Nickel Project.”

Reaching an “agreement in principle” last September 10, the two firms stated they are no longer suing each other over a botched sale agreement involving Intex’s nickel mining project. (READ: Atok, Intex ‘agree’ not to sue each other)

Three years ago, the Norwegian firm, through its parent firm Intex Resources ASA’s CEO Erlend Grimstad, offered the 100% sale of its equity of the nickel mine sitting in a 9,720-hectare property in Mindoro island.

Atok, the mining arm of the group led by Filipino billionaire Roberto Ongpin, wanted to purchase Intex’s entire equity worth at least $10 million.

There was a failure to arrive at a sale agreement, as Grimstad’s lawyers allegedly refused to send Atok the final drafts memorandum on Grimstad’s instructions to renege any contract involving the project. This triggered the filing of civil cases.

A September 9, 2013 decision of the Court of Appeals ruled in favor of Intex. (READ: Ongpin-led Atok loses bid for Mindoro mine)

Following the appellate court ruling, both firms agreed “to cooperate on a framework where after the appropriate studies and once all regulatory approvals are obtained, Atok will either operate the Mindoro Nickel Project itself or find another operator who will operate the project.”

Atok, however, had said in a statement that their September 10 agreement “renders moot and academic the decision of the Court of Appeals granting Intex’s petition to have the case in the trial court dismissed.” – Rappler.com


Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Loading
Download the Rappler App!