Khan Resources seeks arbitration for Mongolia license

* Seeks $200 mln in damages

* Mongolia refused to reinstate licenses in November

* Claim served on various Mongolian officials

Jan 10 (Reuters) - Canada's Khan Resources (KRI.TO: Quote) has formally sought international arbitration against the Mongolia government for not reinstating its miner's licenses at the Dornod uranium deposit in northeastern Mongolia.

Khan has sought over $200 million in compensation for losses and damages in the arbitration which will take place under the arbitration rules of the United Nations Commission on international trade law, the company said in a statement.

The claim was served on various Mongolian officials on Monday, and comes two months after the government's decision to revoke hundreds of mining licenses across the country. [ID:nTOE6AM03X] [ID:nN12167314]

"The Nuclear Energy Agency (NEA) of Mongolia continues to falsely denounce us in Mongolia while simultaneously entering into an agreement with ARMZ of Russia for the development of the Dornod deposit, thereby excluding Khan of its rightful interests," Khan's Chief Executive Grant Edey said. Khan has been involved in a nearly year-long legal dispute with the NEA over exploration at Dornod, Mongolia's largest uranium deposit, which was licensed to its subsidiaries Khan Resources LLC and Central Asian Uranium Co LLC. Toronto-based Khan's shares have lost about a third of their value in the past year. They closed at C$0.47 on Friday on the Toronto Stock Exchange. (Reporting by Savio D'Souza in Bangalore; Editing by Roshni Menon)

Source:Reuters News Service



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