Axiom 2014 Annual Report - page 4

Since my appointment to the Board as Chairman in
2010, Axiom has grown by diversifying its portfolio
and maintaining exploration activities even though
we have been locked in a protracted legal battle with
a major multinational company.
In September 2014, the Solomon Islands High Court
dismissed all of Sumitomo’s claims and upheld the
validity of Axiom’s Prospecting Licence and 50-year
lease. This was an excellent result for Axiom and our
Isabel partners.
Whilst Sumitomo have appealed this judgment,
we remain steadfast in defending our rights in the
Court of Appeal and in delivering the value that loyal
shareholders deserve for this world class asset.
With the High Court and Court of Appeal removing
the injunctions that prevented Axiom from
undertaking exploration activities on the deposit,
Axiom moved quickly to re-establish operations that
are now well underway.
Our progress with the project has included initial
success with high grade nickel intercepts from the
drilling program and cementing a strategic alliance
with AU$5 million in funding from Anitua Ltd, which
has now been converted to equity in the company.
With strong Asian demand, the ongoing Indonesian
ban on the export of unprocessed minerals (including
nickel ore) and recent calls in the Philippines’
parliament to follow suit, Axiom is in prime position
to be a major player in the regional nickel market.
The strength of our position is demonstrated by
continued interest from potential customers and
joint venture partners. Axiom remains in discussions
regarding funding and equity at both the asset
and group level which will be progressed following
a successful outcome in the Court of Appeal.
For the past two years, Axiom has by necessity
operated with a small but active Board to focus our
efforts on winning the legal battle to secure the asset.
As we look to transform into a miner and a producer,
it will be necessary to expand and diversify the Board
to ensure that we acquire the appropriate skills and
experience to maximise the growth and value of the
company. We have been encouraged by the calibre
of industry professionals expressing an interest
in becoming part of your Board after judgment is
delivered in the Court of Appeal.
As stakeholders in Solomon Islands and long-
term shareholders will appreciate, Axiom takes a
values-driven and relationship-focused approach
to all our operations, which differentiates us from
industry peers in the Asia Pacific region. Our practice
of working closely with government and local
Chairman’s Report
Stephen Williams
Chairman’s Report
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Axiom Mining Limited
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