JOHANNESBURG (miningweekly.com) – The International Arbitration Tribunal has set aside five days for its hearings into the $326-million Khan Resources’ arbitration case against the government of Mongolia in November.
The uranium project developer said in a statement on Friday that the November 11 to 15 hearings would focus on the merits and damages of the case, which it filed with the tribunal in December 2012.
Last year, the United Nations tribunal ruled in Khan’s favour on matters of jurisdiction and dismissed all Mongolia’s objections to the continuance of the suit.
The exploration and development company is claiming that Mongolia, in concert with a Russian partner, took actions in 2009 that amounted to the illegal expropriation of its mining and exploration permits at the Dornod uranium deposit in the north-east of the country.
Meanwhile, Khan said that its net loss for the nine months ended June 30 narrowed 82.6% year-on-year from $19.08-million to $3.31-million.
The firm reported a negative cash flow of $2.87-million for the nine months ended June, with cash and cash equivalents of $1.81-million on June 30, compared to $5.24-million the previous year.