Atok, Intex finalize agreement on Mindoro mine suit
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