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Conic Discloses Litigation in Relation to Ramu Project
Conic Discloses Litigation in Relation to Ramu Project Canada NewsWire TORONTO, ...
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[{"type":"text","content":"\n\n\n\nConic Discloses Litigation in Relation to Ramu Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 8, 2020\n\n\n\nTSX Venture:  NKL\n TORONTO, Feb. 8, 2020 /CNW/ - 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). \n\n \n \n\n \nMCC 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. \nOperations 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. \nAbout Conic\nConic Metals Corp. is a base metals company offering direct exposure to nickel and cobalt, both being critical elements of electric vehicles and energy storage systems. Conic holds an 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea which provides Conic with significant a...