Rio Tuba operator to fight cancellation of FTA for nickel project in Palawan
Filed under: Region 06 - Palawan
MANILA, Philippines - Canadian mining firm MBMI Resources, Inc., which operates the Rio Tuba nickel project in Palawan in partnership with Olympic Mines and Development Corp., will legally fight the recent decision of the Philippines to cancel MBMI’s Financial and Technical Assistance Agreements (FTAAs) in Palawan.
In its website, MBMI announced that last April 19, 2011, the Office of the President had informed the company of the cancellation of its FTAAs.
MBMI’s FTAA was granted less than a year ago in June 2010 for its Palawan project.
However, MBMI said that “on advice of its legal counsel (it) believes that the decision is not in accordance with legal actions of a similar nature previously settled by the Supreme Court of the Philippines.”
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