Australia-based BHP Group Limited and its local counterpart Asiaticus Management Corporation (AMCOR) in Davao Oriental have ended their legal battle with a multimillion-dollar settlement.
The settlement now allows AMCOR to pursue the $2 billion mining project individually or with a foreign partner.
In 2007, AMCOR canceled its joint venture contract with BHP Group for the Pujada Bay mining project in Mati City, Davao Oriental – which in turn caused the two companies to meet in courts in both the Philippines and Singapore.
AMCOR holds rights to around 17,000-hectare mining concession area in Davao Oriental, which is within the Mount Hamiguitan Range Wildlife Sanctuary, a UNESCO-declared World Heritage site, as well as parts of Pujada Bay Seascape and Landscape.
In a report by Rappler, AMCOR manager Dr. Arvin Carlom said that a settlement cost of $20 million will be refunded to BHP for its investment in the mining project.
The settlement came after opposite rulings were released by the Philippine and Singaporean courts.
Singapore International Arbitration Center ruled in favor of BHP against the AMCOR’s cancellation of the joint venture. Meanwhile, AMCOR secured a favorable ruling from the Court of Appeals.
Carlom said that AMCOR has begun negotiations for a possible partnership with Japanese and Chinese groups interested in nickel extractions.
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