Mining company Atok-Big Wedge Co is suing Norway’s Intex Resources for allegedly reneging on a deal for the sale of its Mindoro nickel mine project in the Philippines. The project has the potential to produce more than 2 million tonnes of nickel at a discount rate of 8.6% and a long-term nickel price of $8.25 per lb.

Publicly listed mining firm Atok-Big Wedge Co. Inc. has sued Norwegian-listed Intex Resources AS for allegedly reneging on its deal regarding the sale of 100 percent of the latter’s 9,720-hectare Mindoro nickel project to Atok. The project was for a consideration composed of $10 million in cash and 300 million new Atok shares, which was then valued at around $450 million.

Atok-Big Wedge Co., Inc. has filed a complaint against Norwegian firm Intex Resources ASA for allegedly reneging on a deal covering its Mindoro nickel project. Intex refused to sign the agreement and asked Atok to wait until their scheduled shareholders meeting on November 5. Up until the close of business hours on Monday November 8, Intex has not yet responded to Atok’s follow-ups on the results of the meeting.

Former trade minister Roberto V. Ongpin confirmed on Friday that an acquisition of listed miner Omico Corp. is among several options currently being explored by his group. Omico’s primary mining asset is an 873-hectare inactive gold project in Itogon, Benguet, held with partner Macawiwili Gold Mining and Development Co.

The Securities and Exchange Commission has given the go-ahead for Atok Big Wedge Co. to declassify its shares and raise its authorized capital stock to P10 billion from P60 million, paving the way for foreign investors to bankroll its diversified ventures. With the increased capital, Atok can enter into joint ventures with foreign investors that have the financial muscle to plunk in funds for its capital-intensive projects.

Inactive mining firm Atok-Big Wedge Co. Inc., set to be acquired by the group of businessman Roberto V. Ongpin and UK-based investment firm Ashmore Investment Management Ltd., is beefing up its capital stock from P20 million to P50 million. In a disclosure to the Philippine Stock Exchange, Atok-Big Wedge said the new capitalization consists of 50 million shares with a par value of P1.

THE ONGPIN GROUP’S HOLDINGS firm Boerstar Corp. is set to take control of publicly listed mining company Atok-Big Wedge Co. Inc.
Atok-Big Wedge has a gold project in Benguet province. The mining venture is set to go commercial in 2010, with a start-up production of 50 to 70 tons of ore a day with a grade of 10 grams of gold a ton.

The Ongpin-Ashmore Group, through Boerstar Corp., is acquiring at least 80 percent of inactive Atok-Big Wedge Co. Inc., adding another investment to its mining portfolio which includes Philex Mining Corp. Atok said it has received a proposal from Boerstar to subscribe to all unissued shares of the listed mining firm at P1 per share worth P34.78 million.

The Roberto Ongpin-Ashmore Group is seeking to acquire a controlling stake in mining firm Atok-Big Wedge Company Inc. with a planned investment of about P60 million and use it for investments in mining as well as oil and gas exploration. Atok-Big Wedge said it has received a firm proposal from Boerstar Corporation for its entry as the controlling investor in the mining firm.

The private investment company of former trade minister Roberto V. Ongpin is nearing a deal to buy a controlling stake in listed mining firm Atok Big Wedge Co. Inc. In a disclosure to the local stock exchange, Atok Big Wedge said it has received a “firm” proposal from holding firm Boerstar Corp., which plans to subscribe to all unissued shares or nearly 58% in the miner.