Publicly listed miner Atok-Big Wedge Co Inc said that it has filed a complaint against Norwegian firm Intex Resources ASA for allegedly reneging on a deal covering its Mindoro nickel project.

In a statement, Atok said that Intex reneged on the sale of 100% of a nickel mine located on a 9,720 hectare property in the island of Mindoro.

In its complaint filed before the Regional Trial Court of Makati City, Atok said that as of October 15th 2010, Intex CEO Erlend Grimstad and Atok chairperson Roberto Ongpin had a meeting of the minds on the sale of the mining project.

The proposed consideration was for USD 10 million in cash and 300 million in new Atok shares, which was then valued at around USD 450 million. However, when Atok and Intex were about to document the deal, Intex allegedly refused to sign the agreement.

Instead, Grimstad asked that Atok wait for the results of the shareholders meeting of Intex scheduled on November 5.

Atok said that “In good faith, Atok waited for the results of the meeting. However, up until the close of business hours on Monday November 8, Intex or Grimstad has not yet responded to Atok’s follow ups on the results of the meeting.”

Atok said that thus, to protect its interest, Atok decided to file a civil case for specific performance against Intex before the Makati courts.

(Sourced from business.inquirer.net)