Court costs of AU$4.8m awarded to Axiom
Axiom Mining Limited
ARBN 119 698 770
Unit 6, 76 Doggett Street Newstead, Queensland 4006, Australia
The High Court of Solomon Islands has ordered that SMM Solomon Limited ("Sumitomo") pay Axiom KB Limited’s ("Axiom") costs of SBD$29,300,000 (~AU$4.8m) relating to the High Court civil case 258/2011, where judgment was delivered in Axiom’s favour in September 2014.
T: +61 7 3319 4100 | F: +61 7 3252 7577 | www.axiom-mining.com
Axiom will be entitled to recover the costs upon obtaining a favourable judgment in the appeal lodged by Sumitomo in the Court of Appeal of Solomon Islands, which will be heard by a panel of three Commonwealth judges.
Sumitomo is to provide the Court with an irrevocable and unconditional bank guarantee with a commercial bank in Solomon Islands by 16 January 2015 for the full sum of SBD$29,300,000.
Court of Appeal hearing
Axiom expects to be notified in January 2015 of a hearing date for the appeal.
In addition to the bank guarantee detailed above, Sumitomo is to provide the Court by 16 January 2015 with another irrevocable and unconditional bank guarantee with a commercial bank in Solomon Islands for the sum of US$177,200 (~AU$218,000) as security for Axiom’s costs of the appeal.
Axiom remains assured of the validity of its rights and will respond to the forthcoming appeal with vigour and confidence.
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