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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mincorp | LSE:MOP | London | Ordinary Share | GB00B05Q9X89 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8233L Mincorp Plc 09 November 2006 Mincorp Plc (the "Company") Litigation relating to Exploration Permit Application in Philippines Bonaventure Mining Corporation ("BMC") the wholly-owned subsidiary of Mincorp Asia, Inc. has advised Mincorp Plc about the current status of the litigation relating to its Exploration Permit Application of approximately 9,400 hectares covering the Mt. Cadig nickel deposit in the Philippines. Mincorp Plc currently holds 40% of the issued capital of Mincorp Asia, Inc. Title to the area is subject to an ongoing dispute with another Philippine corporation, V.I.L. Mines, Inc. The Mines Adjudication Board initially dismissed the claim by V.I.L. Mines, Inc. and also its Motion for Reconsideration. Following this, the dispute was elevated to the Court of Appeals. In an unexpected decision, the Court of Appeals has now found in favour of the adverse party. BMC has notified its intention to dispute the decision in the Philippine Supreme Court. Mincorp Asia's lawyers are of the opinion that the Court of Appeals' decision can be overturned in the Supreme Court as it is in serious conflict with applicable administrative laws and the normal operating procedure adopted by the Philippine Department of Environment and Natural Resources ("DENR"). Since the Court of Appeals' decision is not yet final and executory until the issue is decided with finality by the Supreme Court, BMC remains the legal and qualified applicant for the Mt. Cadig Exploration Permit. As the appeal to the Supreme Court will delay the issuance of the Exploration Permit, BMC has decided to stop any further exploration expenditure on the property for the time being. Nevertheless, BMC will pursue the Exploration Permit Application with the DENR. Mincorp Asia, Inc.'s ownership of BMC is conditional on Mincorp Asia, Inc. fulfilling certain conditions of the agreement between the parties. Mincorp Plc holds 40% of the issued capital of Mincorp Asia, Inc. and has an option to acquire the remaining 60% in the event the title to Mt. Cadig is converted to a Financial and Technical Service Agreement. - Ends - Reginald Hare 00632 682 1063/ Chief Executive 00 63 9198 101221 Mincorp Plc Jonathan Naess 0207 710 7400 Director Nabarro Wells & Co Limited This information is provided by RNS The company news service from the London Stock Exchange END MSCLKLFBQFBFFBK
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