N.M. Rothschild & Sons (Australia) Ltd. took another L in its long-running legal battle with Lepanto Consolidated Mining (LC) of businessman Felipe Yap.
Felipe Yap plans to raise capital for dormant Manila Mining to pay debt, exploration
The Court of Appeals has rejected Rothschild’s plea to overturn the Makati Regional Trial Court (RTC) decision to invalidate its hedging contract with LC.
LC said the CA, in its May 26 decision, upheld the RTC’s ruling in toto.
Felipe Yap ready to dig deeper into mining: Lepanto plans P2B rights offering to fund drilling program
The Makati Court upheld four years ago LC’s stand that its gold hedging contracts with Rothschild were null and void for being
wagering contracts under Article 20 18 of the Civil Code.
The legal battle between Rothschild and LC has been going on since 2005.
LC’s board approved last April a plan to raise P2 billion through a stock rights offering to explore its gold and copper deposits, pay off its debts, update its pension dues, and beef up its working capital.

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