Axiom Mining subsidiary Axiom KB Ltd is seeking more than Aus$6 million in costs in relation to the Solomon Islands High Court case between SMM Solomon Ltd, a subsidiary of Sumitomo Metal Mining, and others v Axiom, Solomon Islands Government and others.
Axiom is claiming costs of SBD$41,025,000 (about Aus$6.5 million) related to the High Court proceeding. It is anticipated that the High Court will deliver its decision regarding costs by the end of the month.
The High Court judgement delivered in favour of Axiom highlighted that Sumitomo’s undertaking as to damages continued in respect of any damages claimed by Axiom – this is a matter that Axiom is currently reviewing.
Sumitomo and the other claimants have lodged an appeal against the High Court judgement. The matter involves future development of the Isabel Nickel Project.
Axiom remains confident as to the validity of its rights and will defend the recent High Court decision when a Court of Appeal hearing is set.
Axiom has also recently taken another step forward on the Isabel project with the appointment of general manager project development Neil Jansen. Axiom’s CEO Ryan Mount says, “We are pleased to welcome a talented industry veteran to drive the development of one of the Pacific largest nickel laterite deposits, after three years of litigation.
“Axiom is on a fast track to establish a direct shipping of ore operation for the Isabel project within 12 to 18 months, and experienced leadership on the ground is essential to achieving this goal.”