In 2009, the Government of Mongolia (GoM) revoked the uranium mining license of Khan Resources. Therefore, Khan Resources Inc took Mongolia to the international arbitration and claimed USD 250 million. Many years of legal battles have ended and GoM paid USD 70 million to Khan Resources Inc.
B.Bolor, Minister of Finance stated that arbitration decision is the final and it is not applicable to any laws of any country. It is a technique for the resolution of disputes outside the courts. After a long discussion and negotiations with Khan Resources Inc. Mongolia made beneficial negotiation by reducing the settlement payment to USD 70 million. This dispute was composed due to wrong decision of the Government in 2009. At that time, S.Bayar was working as Prime Minister. But we have no legal right to say that dispute is not related to this Government.
Foreign investors were paying close attention to this issue as they are interested whether Mongolia will take responsibility or not.
In 2009, the Government of Mongolia (GoM) revoked the uranium mining license of Khan Resources. Therefore, Khan Resources Inc took Mongolia to the international arbitration and claimed USD 250 million. Many years of legal battles have ended and GoM paid USD 70 million to Khan Resources Inc.
B.Bolor, Minister of Finance stated that arbitration decision is the final and it is not applicable to any laws of any country. It is a technique for the resolution of disputes outside the courts. After a long discussion and negotiations with Khan Resources Inc. Mongolia made beneficial negotiation by reducing the settlement payment to USD 70 million. This dispute was composed due to wrong decision of the Government in 2009. At that time, S.Bayar was working as Prime Minister. But we have no legal right to say that dispute is not related to this Government.
Foreign investors were paying close attention to this issue as they are interested whether Mongolia will take responsibility or not.