TORONTO (miningweekly.com) - TSX-listed Khan Resources will pursue "all available remedies" to protect its interests, the company said on Friday, after the Mongolian Nuclear Energy Agency stated that it does not intend to licences for the company's uranium project in the country.
The NEA published a notice in certain Mongolian newspapers that it does not intend to reinstate the mining licence for the Dornod project nor an exploration licence for an adjacent property that is held by a local subsidiary of Khan.
The Dornod project licence was held by Central Asian Uranium Company (CAUC), in which Khan owns 58%
"Khan continues to believe that there exists no legal basis for the NEA to refuse to reinstate and re-register its licenses," the firm said in a statement.
"Khan intends to challenge the NEA's actions through all legally available means and intends to pursue all available remedies to vigorously defend its and its subsidiaries' rights and interests, including by proceeding to international arbitration."
Khan has won two court cases in Mongolia this year, after challenging decisions by the NEA to invalidate the two licences.
Khan and CAUC both submitted applications in November to have their licences re-registered after Mongolia passed a new nuclear energy law, which required all holders of uranium licenses to apply to re-register their permits under the new legislation.
source: http://www.miningweekly.com
Edited by: Liezel Hill
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