A lawsuit was filed against Kyrgyzstan in international arbitration due to a ban on uranium mining, the Ministry of Justice of Kyrgyzstan said, 24.kg reports.
Now, at the International Center for the Settlement of Investment Disputes in Washington (USA), 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. (IMC), the report said.
In September 2022, a petition to initiate arbitration proceedings was registered. The company's claims against Kyrgyzstan relate to the alleged illegal expropriation of investments in a uranium mining enterprise. The company lost its license due to the introduction by the authorities of Kyrgyzstan of a 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.
The ban on prospecting, exploration and production of uranium deposits in Kyrgyzstan was introduced from January 1, 2020.
CentralasianLIGHT.org
December 29, 2022