Conic, which holds an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation, does not have any ownership interest in MCC Ramu Nickel
Highly purified nickel spheres made by the Mond process. (Credit: Wikipedia/René Rausch)
Conic Metals Corp. (“Conic” or the “Company”) (TSXV: NKL) confirms that the Company has become aware of a writ of summons and statement of claim commenced in Papua New Guinea on February 5, 2020 against Ramu Nico Management (MCC) Limited (“MCC Ramu Nickel”). The writ of summons and statement of claim was filed on behalf of the Madang Provincial Government and certain local landowners, which contains certain allegations regarding the environmental impact of operations at the Ramu Nickel-Cobalt Operation. The writ of summons and statement of claim seeks to have Ramu’s tailings to be moved to an onshore tailings disposal facility, to have Ramu’s deep-sea tailings facility closed, certain declaratory relief, as well as monetary damages in the amount of K$18 billion (approximately US$5 billion) and special damages of K1.6 million (approximately US$473k).
MCC Ramu Nickel is the management company of the Ramu Nickel-Cobalt Operation joint venture in Papua New Guinea. Conic, who holds an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation, does not have any ownership interest in MCC Ramu Nickel and is not named in (and is not a party to) the writ of summons and statement of claim.
Operations at the Ramu Nickel-Cobalt Operation continue as normal, and the Company has been notified by majority-owner and operator Metallurgical Corporation of China Limited that it intends to vigorously defend all of the allegations contained in the writ of summons and statement of claim.
Source: Company Press Release