MBMI Resources announces that a resolution has been issued by the Special Third Division of the Philippine Supreme Court denying the motion for reconsideration filed by Narra Nickel Mining and Development Corp, McArthur Mining, and Tesoro Mining and Development Corp in GR No 195580.
These companies have filed a second motion for reconsideration, which also reiterated their earlier motion to have the case resolved by the Supreme Court en banc. It is among several cases involving Redmont Consolidated Mines Corp and MBMI’s subsidiaries and affiliates in the Philippines.
On January 2, 2007, Redmont filed with the Panel of Arbitrators of the Department of Environment and Natural Resources petitions against the applications for mineral production sharing agreements (MPSA) and exploration permit of the operating companies. Redmont claimed that the Operating Companies are supposedly not qualified to enter into an MPSA with the Philippine Government because they were then 100%-owned by MBMI which is a Canadian corporation.
During this time, Redmont was also an applicant for an exploration permit in the same area covered by the operating companies’ MPSA applications.