AVQ 0.00% 2.5¢ axiom mining limited

recent article from the island sun--

  1. 764 Posts.
    lightbulb Created with Sketch. 137
    Hi all,

    I came across this article, appologies if its a repost, but i thought it gives intersting insight into some of the complexities that will be ruled on in the weeks to come...

    Thoughts anyone?


    "Sumitomo unmoved by landowners’ threat"

    Print
    Email
    Category: Isabel Province Published on Monday, 10 June 2013 05:46 Written by Ernest Ta'asi

    Sumitomo Metal Mining is unmoved by a group of Isabel landowners who withdrew their support for their operation in the province, calling it legally unfounded.

    The Japanese company said members of a Kolosori Landowners Trust Board who barked their frustration on Solomon Star's front page yesterday cannot just push out Sumitomo and have another investor come in for mining at the Pirega to Havihua area in the Bugotu district, Isabel Province.

    SMM director Toshiaki Maeda provided land details that include an agreement for lease of the customary land to the Commissioner of Lands, dated back to 4 October 1992 signed by the "original trustees".

    "The requirement of section 195(3) of the Lands Act was not complied with in that the Registrar failed to ensure that Statutory Declaration were made by each trustee before registering the Perpetual Estate.

    "In absence of the requirements of section 195(3) of Lands Act, if a legal challenge is brought by an aggrieved party, the initial registration may be found voidable therefore rendering the subsequent transfer of the Lease Estate to Axiom KB Limited is also voidable," said a statement from Mr Maeda.

    Thus he said, any activity from this particular group of landowners to legally challenge SMM 's contract is unfounded.
    Sumitomo is currently pursuing a court case against the government and landowners for the further involvement of another miner Axiom KB for the same particular land.

    However the Kolosri landowners had labeled SMM with "nothing tangible and seen forthcoming for the future of landowners".

    The landowners accuse SMM workers of regularly harassing locals of the area and has done little to develop communities.

    END

    ----

    http://www.islandsun.com.sb/index.php/latest-news/national/43-isabel-province/5962-sumitomo-unmoved-by-landowners-threat

 
watchlist Created with Sketch. Add AVQ (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.