Intex sued over $410-M ‘botched’ deal

MANILA—Mining firm Atok-Big Wedge Co., Inc. has filed a civil case against Intex Resources ASA for purportedly backing out from a $410 million deal to sell its Mindoro nickel project.

Atok in a statement said that the Ongpin-controlled mining company and the Norwegian firm had a “meeting of minds” on the 100 percent sale of the project, which covers 9,720 hectares of land in Mindoro.

Atok said it proposed to pay $10 million in cash and 300 million in new Atok shares, valued at around $450 million.

The Philippine firm said it filed a civil case before the Makati Regional Trial Court to compel Intex to honor the deal.

However, Intex, which was notified November 9 about the case, said Atok was claiming for enforcement of the sale “on the terms previously proposed by Atok which Intex has never accepted.”

“Although it is clear that no agreement has ever been reached between Intex and Atok, Atok wrongfully claims that an agreement has been reached through the failed negotiations that have previously taken place between Intex and Atok,” said Intex president and CEO Erlend Grimstad.

Grimstad said that based on Intex initial assessment of the Atok’s claim, “both the company and its advisors are of the clear opinion that the claim is without legal basis.”

“Consequently, Intex will take all appropriate legal counter-action in response to the claim in due course, and will also consider making a counter-claim for damages with respect to any potential loss caused by what Intex firmly believes is a totally unfounded claim,” Grimstad said.

One thought on “Intex sued over $410-M ‘botched’ deal

  1. Great Day in the Morning!All of a sudden Mindorenos are blessed with Time to think and prepare for the next monsoon rains and the survivor of this suit while the two evil giants of Intex and Atok Big-Wedge are at each others throat.

    I am suggesting that a program plan of action be laid out on the following issues:

    1)Open-Pit Mining Ban–this if for the protection of Mindorenos right to ” life, liberty and the pursuit of happiness” as guaranteed by the 1987 Constitution and the 1991 LGU Act.Our lives and livelihood will always be under threat if open-pit mining is allowed in our watersheds. It has been scientifically proven that open-pit mining pollutes and contaminates downstream communities and rivers that Pres. Obama has rescinded all permits for open-pit mining and even Mongolia as very recent is reviewing 1700 mining permits for cancellation. Gov. Fuentes fo South Cotabato has done it so why can’t we? DENR’s Sec. Paje’s mining tunnel vision thinks that we are just passing ordinances like our moratorium and hopefully this open-pit mining ban as just passing ordinances to contravene the 1995 Mining statute. Not true. This is for our lives protection. Mr Paje and his mining cohorts can just tunnel their way -dig into the earth if they want.

    2)Writ of Kalikasan–We need to study and learn the application of this crucial instrument. DENR has placed Mindoro island in their Hazard map officially. We experienced the yearly monsoon rains devastation on many occasions. Why can’t we ask the Supreme Court to issue this writ so that no more activities , including mining and illegal logging, must be allowed to protect our Kalikasan–our Tamaraw, our indemic species, our National Park, our Naujan Lake.

    3) Beef -up our Permit Process: Any applicant applying for a permit to mine must be required to submit their specific Project design and Description that they will implement
    incorporating Safety, Hazard Analysis and Process quality control features required.The LGU’s may not have the resources to monitor these salient aspects of performance but we can task the DENR to administer them subject to our periodic review for management and control.We need to scrutinize important documentation like the ECC issued to Intex that was temporarily revoked. That ECC merely recommend Intex to abide by the other applicable laws like the Clean air and Clean Water Act. These laws are requirements.This DENR documents does not require Intex to retain 75% to 95% of the water passing through their area of operations to protect the surrounding areas as a development requirement. This must be required by the Water Resources board which is also under the DENR.

    Who is going to save us but ourselves. “Vigilance is the price of Liberty”, someone said.
    Beware of Atok-Big Wedge. It is a company peppered with PNoy- connected Filipino shrewd businessmen.


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