C03435-2018 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Class "A" | 39,822,869,196 | |
Class "B" | 26,552,888,901 |
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Subject of the Disclosure |
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Court of Appeals upholds Lepanto in arbitration case concerning the renewal of MPSA No. 001-90-CAR |
Background/Description of the Disclosure |
Lepanto Consolidated Mining Company (Lepanto) and Far Southeast Gold Resources, Inc. (FSGRI) filed an application with the DENR for the renewal of MPSA No. 001-90-CAR on June 4, 2014. A dispute arose as to the applicability of certain provisions of the Indigenous Peoples’ Rights Act (IPRA) to the renewal. Lepanto and FSGRI initiated arbitration proceedings against the Republic of the Philippines, represented by the DENR. In a final award dated November 27, 2015, the Arbitral Tribunal ruled in favor of Lepanto and FSGRI, stating that MPSA 001-90-CAR should be renewed under the same terms and conditions, without prejudice to changes mutually agreed upon by the parties. This final award was affirmed by the Court of Appeals in a decision dated April 30, 2018, of which Lepanto was furnished on May 15, 2018. |
Name of the court or agency in which the proceedings are pending | Court of Appeals |
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Date Instituted | Jul 29, 2016 |
Docket Number | CA G.R. SP No. 146806 |
Principal Parties |
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Petitioners:Lepanto Consolidated Mining Company and Far Southeast Gold Resources, Inc. |
Nature and description of the legal proceedings |
Petition for Review in relation to the Final Award of the Arbitral Tribunal on the issue of the applicability of certain provisions of the IPRA to the renewal of the MPSA No. 001-90-CAR. |
The effect(s) on the Issuer's business or operations, if any |
None, as the pendency of this case or of the renewal application did not interrupt the operations of Lepanto. |
Other Relevant Information |
This disclosure was amended to relate it to Lepanto’s disclosure on the same subject dated December 4, 2015. |
Name | Odette Javier |
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Designation | Vice President and Assistant Corporate Secretary |