Due to the ban on uranium mining, a lawsuit was filed against Kyrgyzstan to international arbitration, the Ministry of Justice reported.
The process of appointing the composition of the arbitration tribunal by the parties in the framework of arbitration proceedings with International Mining Company Invest Inc. is being completed at the International Center for Settlement of Investment Disputes in Washington (USA).
A petition to initiate arbitration proceedings was registered in September. The company’s claims relate to the alleged illegal expropriation of investments in a uranium-mining enterprise. The company lost its license due to the introduction of a state moratorium on exploration activities and the development of uranium deposits from January 1, 2020.
The amount of the claim is $63 million plus legal costs.
In December 2019, a ban was imposed on the search, exploration and development of uranium deposits in the Kyrgyz Republic from January 1, 2020. (24.kg/Ukrainian metal)