INTERNATIONAL TRIBUNAL TO CONDUCT HEARINGS OF KHAN’S URANIUM MINE IN NOVEMBER

The International Arbitration Tribunal has scheduled a five-day hearing in November 2013 for Canadian exploration company Khan Resources’ plea pertaining to Dornod uranium project in Mongolia.

The company has filed a $326m arbitration case against the government of Mongolia after the government had resorted to illegal expropriation of its mining and exploration permits over the uranium mine earlier in 2009.

Khan Resources said that the hearings scheduled between 11 November and 15 November would focus on the merits and damages of the case, which it filed with the tribunal in December 2012.

In 2012, the United Nations tribunal has passed a decision in favor of Khan Resources on matters of jurisdiction and overruled Mongolia’s objections to the continuance of the lawsuit.

Mongolia has announced its intentions to collaborate with a Russian partner in January 2009 and replace Khan in mining the Dornod property. In July 2009, the Mongolian government claimed a 51% stake in the Dornod property without compensation to prior owners citing its Nuclear Energy law.