Olympic Mines and Development Corp., owned by the family of the late former Central Bank governor Gregorio Licaros Sr., has won a verdict from the Supreme Court upholding its claim on a 2,200-hectare mining site in the western island of Palawan, its successor-in-interest announced Friday.
Citinickel Mines and Development Corp., successor-in-interest of Olympic, said the resolution issued by the Court?s First Division on Jan. 6 paved the way for its takeover of the mining site.
Citinickel is a subsidiary of publicly listed Oriental Peninsula Resources Group Inc.
The disclosure said Olympic had consolidated ownership of mining areas in the towns of San Isidro, Narra and Pulot, Espanola in southern Palawan in 1996. It said the areas were previously owned by Olympic affiliates Atlantic City Exploration, Mondo Exploration, and Toronto Exploration.
The disclosure said that in 2005 rival claimant Itawes Mining Exploration Co. filed an application covering the same areas. It said that by then, Olympic had transferred ownership of those areas to Citinickel.
Itawes contested Olympic/Citinickel?s mineral production sharing agreement (MPSA) with the government, arguing that the Palawan sites were closed to mining applications because they were still owned by Atlantic, Mondo and Toronto.
A panel of arbitrators from the Mines and Geosciences Bureau and Department of Environment and Natural Resources rejected the claim of Itawes, which took the case to the Court of Appeals.
The Court of Appeals also rejected its claim, and the company went to the Supreme Court. Doris C. Dumlao; edited by INQUIRER.net