Khan Resources prepares suit against Mongolia, claiming licences taken illegally

TORONTO - Khan Resources Inc. (TSX:KRI) says it's pursuing legal action to recover what it alleges was "illegal expropriation" of its uranium licences in Mongolia and has hired a Washington, D.C. law firm to handle the case.

Crowell & Moring LLP will start international arbitration proceedings against the Mongolian authorities, pointing to the Mongolian Nuclear Energy Agency in particular, the Toronto-headquartered company said Tuesday.

The dispute revolves around claims the agency has no legal authority to invalidate a mining licence held by Central Asian Uranium Company, a subsidiary of the Canadian firm.

"Khan believes that it has a strong case and intends to seek a substantial damages award that reflects the significant value that Khan has created in the Dornod Uranium Project, as demonstrated by the definitive feasibility study completed in March 2009," the company said in a release.

Khan has previously suggested the nuclear agency may be acting for political reasons in order to transfer all the mineral rights within the Dornod uranium region to a company that would be owned by Mongolia and Russia.

"Khan and its legal counsel intend to vigorously defend its rights and interests, including pursuing all available rights and remedies in Canada, Mongolia and elsewhere, as necessary," the company added.

Khan Resources also announced Martin Quick is retiring as the company's CEO.

Quick will remain as a director of the company, and will be replaced as chief executive officer by Khan director Grant Edey on an interim basis.

The company said Quick originally planned to retire last fall, but agreed to stay on during recent takeover bids, which included a $51.8-million bid from China National Nuclear Corp. that expired after the Chinese company failed to get regulatory approval from its government.
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic