hi there,
Lets not get too negative.The positives are evident.
from announcement.
Axiom Mining Limited (“Axiom”) remains confident of a positive outcome on behalf of shareholders
and local landowners in the Solomon Islands High Court legal battle over the world-class Isabel
Nickel Deposits with an eight week hearing to commence 14 October 2013.
Sumitomo Metal Mining Solomon Ltd (“Sumitomo”) launched legal action against the Solomon
Islands Government and local landowners in 2007 following the Government’s refusal to grant an
extension of the preliminary Letter of Intent (“LOI”) for exploration activities on Isabel given lack of
landowners’ support. This action failed.
The Solomon Islands Government issued an International Tender for the Isabel Nickel Deposits, one
of the Pacific’s largest, in 2010. Sumitomo then secured LOIs over the three main nickel mineralised
area however, in 2011, the landowners successfully petitioned the Solomon Islands Government to
cancel the LOI.
Axiom was invited into the Solomons in 2010 by the two key local landowner groups, the Kolosori
landowners on Santa Isabel Island and the Bungusule landowners on San Jorge Island. A groundbreaking joint venture, Axiom KB, was formed, based on the World Bank Community Company
Model, with each tribe holding 10%. The structure ensures all members of both the Kolosori and the
Bungusule tribes are beneficiaries.
Each tribe holding 10%.Very important.
Please re-read announcement in full.
kind regards,
fast41.
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