TORONTO, Nov. 4, 2011 /CNW/ - Justice Ball of the Supreme Court of New
South Wales has today delivered judgment dismissing an application
against the company by a minority shareholder, Robash Pty Limited
Robash's application sought leave to commence proceedings in the name of
the company against its director and majority shareholder Clive
Palmer. Robash alleged that Clive Palmer breached his duties as a
director of Gladstone Pacific Nickel Limited by acquiring certain
interests from BHP Billiton, including the Yabulu nickel refinery, in
circumstances where the company was negotiating to acquire those
Robash's application was rejected by the Supreme Court. In a 44 page
judgment, Justice Ball stated that he did not consider there was a
serious question to be tried that Clive Palmer had breached his duties
as alleged. His Honour also considered that the proceeding that Robash
proposed to bring would not be in the best interests of the company as
it would expose the company to the risk of a substantial costs order
and may disrupt its abilty to raise additional capital.
The company will take steps to recover the costs it has incurred in
opposing this application from Robash.
Gladstone Pacific Nickel Limited is an Australian mining development
company presently undertaking an Integrated Definitive Feasibility
Study for the Gladstone Nickel Project. The Company's vision is to
build a major long-life nickel cobalt refinery at the deepwater Port of
Gladstone, in Central Queensland, Australia, treating abundant high
grade nickel laterite ores from New Caledonia and other south-west
Pacific islands, underpinned by beneficiated ores from its own
Marlborough deposits. The Project has the potential to be one of the
largest of its type in the world producing some 126,000 tpa nickel (8 -
10% of global nickel demand) and 10,400 tpa of cobalt metal from its
first two stages.
SOURCE Gladstone Pacific Nickel Ltd.
For further information:
Blair Brewster - Gladstone Pacific Nickel Ltd Tel:+61(0)7 3231 7100