Kincora Copper Limited (TSXV:KCC) announced that the Mongolian Ministry of Mining has proposed a win-win solution for all stakeholders involved with disputes relating to the government’s revocation of 106 mineral exploration licenses in November 2013. The proposal is expected to be presented to the spring session of the Mongolian Parliment.
As quoted in the press release:
Resolving the 106-license case has been a priority for the Ministry since the issue came under its jurisdiction and it has been working together with impacted investors to resolve the matter. A case by case investigate of the impacted licenses has been conducted and supported a resolution to be presented to Parliament that recognizes security of tenure and a proposed mechanism to compensate for the time lost due to original judicial process and returning the licenses back to compliant license holders. As such the proposed resolution is considered to be a win-win outcome for all stakeholders.
Kincora CEO, Sam Spring, said:
Kincora has been proactively working with the Ministry of Mining to achieve a win-win solution for all stakeholders and I very much believe the key concepts in the resolution put forward to the Mongolian Parliament would achieve that. The proposed resolution of the 106-license issue is probably the most transparent and tangible recent example of the Government of Mongolia, via the Ministry, working with investors to revive private sector activities, learn and move on from past mistakes acknowledging security of tenure. While Parliamentary approval is still required, a timely approval of the resolution, and its implementation, could support compliant former licenses holders undertaking field season activities this year. Kincora is in the advanced stages of mobilizing field season activities at our Bronze Fox project, noting the extremely competitive environment for service providers. Click here to read the Kincora Copper Limited (TSXV:KCC) press release