MBMI Resources has announced Manila Supreme Court officials have ruled against Redmont Consolidated Mines Corp’s attempt to revoke registration certificates of eight of its subsidiaries with the Philippine Security and Exchange Commission (SEC).
This case stemmed from a Redmont-filed Complaint for Revocation seeking decertification of MBMI subsidiaries Narra Nickel Mining and Development, Tesoro Mining and Development, McArthur Mining, Sara Marie Mining, Patricia Louise Mining and Development Corp, Madridejos Mining Corp, Bethlehem Nickel Corp and San Juanico Nickel Corp, alleging they violated restrictions on foreign ownership of natural resource companies.
The SEC officials ruled that all respondent corporations are Philippine, as defined under Section 3 of 1991’s Foreign Investments Act. Following a series of appeals, Redmont petitioned the Supreme Court which, in turn, denied the company’s bid for failing to “sufficiently show any reversible error in the challenged decision to warrant the exercise of this Court's discretionary appellate jurisdiction”. Redmont officials have 15 days from the resolution’s receipt to seek reconsideration.