Resounding win for Axiom in Solomon Islands High Court nickel case HIGHLIGHTS • High Court upholds Axiom’s Isabel nickel deposit land and exploration rights • High Court dismisses Sumitomo’s claims, finding “the proceedings have been shown to be an abuse of the court’s process” • Discharge of Sumitomo’s injunction preventing Axiom’s exploration or mining activities • Continuing permanent injunction restraining Sumitomo from interfering with Axiom’s business activities in Solomon Islands • Axiom’s claim for costs and damages to be pursued. Judgment has been handed down in favour of Axiom KB Limited (“Axiom”) in the Solomon Islands High Court case 258/11 between SMM Solomon Limited (“Sumitomo”) and others v Axiom, Solomon Islands Government and others. Axiom Mining welcomed Commissioner John Brown’s judgment, which included the following: • validation of Axiom’s registered lease and Prospecting Licence over the Isabel nickel deposit • rejection of all of Sumitomo’s claims • discharge of the injunction preventing Axiom’s exploration activities on the Isabel nickel deposit • Sumitomo’s undertaking as to damages continues in respect of any damages claimed by Axiom • order for a continuing permanent injunction restraining Sumitomo from interfering in Axiom’s mining, prospecting or other business interests in Solomon Islands • arguments on costs to be determined. Axiom CEO Mr Ryan Mount said, “This judgment vindicates Axiom’s assertions that we have always acted correctly and with integrity. “With our Prospecting Licence and registered lease recognised, we can now re-commence our exploration of the tenement with our partners, the Kolosori and Bungusule landowners,” he said. “Work on this tenement—one of the largest nickel laterite deposits in the Pacific—will start on Monday. “We are targeting the start of a Direct Shipping Ore operation within 12 to 18 months.” ASX Announcement 25 September 2014
AVQ Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
