Mincorp Says Philippine Court Of Appeal Rules Against Unit In Permit Dispute

Mincorp says Philippine Court of Appeal rules against unit in permit dispute

LSE News

9th November 2006

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LONDON (AFX) - The Philippines Court of Appeal has ruled against one of Mincorp PLC's partly-owned subsidiaries in a dispute over an exploration permit. Bonaventure Mining, a wholly-owned subsidiary of Mincorp Asia, is in dispute with VIL Mines over the Exploration Permit Application of approximately 9,400 hectares covering the Mt. Cadig nickel deposit in the Philippines. Mincorp PLC currently holds 40 pct of Mincorp Asia.

Bonaventure said it intends to dispute the latest decision in the Philippine Supreme Court, and 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.' Mincorp said that as the appeal to the Supreme Court will delay the issuance of the Exploration Permit, Bonaventure has decided to stop any further exploration expenditure on the property for the time being.