Reliance to fight Central Jakarta court ruling

By Ruli Setiawan

TSX-listed Reliance Resources Ltd said it is commencing counter suit in Jakarta courts to overturn a May 21, 2013 Central Jakarta District Court decision, which ruled that a 2008 joint cooperation agreement between the company?s wholly-owned subsidiary PT Champion Halmahera Mining and a company called PT Hibualamo Jaya for the exploration and exploitation of precious metals in the Kapa-Kapa and Roko properties on Halmahera Island, Maluku ?does not have force.?

?The court decision appears to have been the result of an ex parte proceeding in which the Company was not present to represent its rights and interests,? Reliance said in a statement Wednesday. ?The company will vigorously pursue its rights in this matter,? it added

Elsewhere, Reliance said that while it is working to complete the acquisition transaction, it is also actively investigating options to obtain maximum benefit from its existing Indonesian assets.

The company said in March of last year that it was considering the possibility of selling (partial or full) of some of its mining assets in Indonesia after having been approached by prospective investors.

Editing by Reiner Simanjuntak