Equity Research - RCR, page-2

Found the article in the weekend Fin Review. Hadn't read it yet so here goes...

Axiom legal woes wind up
"ASX- listed Axiom Mining stands to win more than $100 million in costs and damages from Japanese giant Sumitomo Metal Mining Co following a Solomon Island High Court judgement due to be handed down within weeks.

Sumitomo sued Axiom after it gained a right to develop the country's Isabel nickel deposit which has also been in the sights of billionaire politician Clive Palmer s Minerology.

Broking sources close to Axiom estimate the company has spent at least $15 million in lagal fees defending itself against claims from Sumitomo's SMM Solomon which has given guarantees to pay costs and damages if it loses the legal battle. Axiom gained surface agreements from the mine's land owners the Kolorosi and Bungusule. Without access agreements a miner cannot develop the non-JORC nickel deposit.

Axiom mining chief executive Ryan Mount said he was pleased with how the company had presented its case.

"Whilst proceedings took longer than expected, the nickel market is strong and the past few years has strengthened our relationship with our landowner partners"

So there you go it's all in black and white now.....go AVQ.