Int’l Court of Arbitration dismisses claims of British Oxus Gold against Uzbekistan

Int’l Court of Arbitration dismisses claims of British Oxus Gold against Uzbekistan

Tashkent, Uzbekistan, Dec. 24

By Demir Azizov- Trend:

International Court of Arbitration created in accordance with the rules of the UN Commission on International Trade Law (UNCITRAL) has rejected the claims of the British gold producer (Oxus Gold) against the government of Uzbekistan, said the company.

The British company has been suing the government of Uzbekistan since 2011 due to the investment in the "Amantaytau Goldfields" (AGF) joint venture and the Uzbek "Khandiza" field. In 2011, Oxus Gold filed a lawsuit in the UNCITRAL.

"Amantaytau Goldfields" joint venture, which was founded by British Oxus resources Corp. - 50 percent, the Uzbek State Committee for Geology and Mineral Resources - 40 percent and Navoi Mining and Metallurgical Combine - 10 percent, had a license to develop "Amantaytau" fields with recoverable reserves of 3.2 million ounces of gold and additional stocks valued over 3 million ounces.

It also had licenses for four gold deposits, the largest of which - "Uzunbulak" with recoverable reserves of 230,000 ounces and "High Voltage" - 600,000 ounces of gold.

It was previously reported that in January 2011, the Uzbek government initiated a procedure of the voluntary liquidation of the joint venture. British Oxus Gold plc. is a co-founder of the joint venture. It issued a statement in March 2012 that it was ready to bring action against the Uzbek government to the International Court of Arbitration if the country does not agree to set a fair price for a package of shares of the British company in the joint venture. In the future, the British company declared force majeure at the joint venture.

In early February 2013, the Navoi Economic Court granted a request from creditors to recognize Uzbek-British JV "Amantaytau Goldfields" as a bankrupt and to begin its liquidation process.

Oxus Gold won exclusive right to develop polymetallic "Khandiza" field in 2002. However, in 2006, the right to develop the "Khandiza" field was transferred to "Almalyk Mining and Metallurgical Plant" JSC (Tashkent region), one of the largest producer of nonferrous metals in Central Asia by a special decree of the president of Uzbekistan.

Oxus Gold valued the total amount of damage inflicted at $400 million.

"On December 21, arbitrators totally rejected the claim of Oxus Gold on the "Khandiza" project, the court of arbitration also rejected the claim of the British company's joint venture "Amantaytau Goldfields", said the message.

At the same time, an international arbitration court obliged the government of Uzbekistan to pay the British company nearly $10.3 million and interest for 2004-2010 (LIBOR + two percent) as compensation for the violation of the agreement on protection of investments between Uzbekistan and the United Kingdom.

Uzbekistan violated this agreement by changing the taxation regime for the "Amantaytau Goldfields" joint venture in 2006 and 2009, according to the judges.

Representatives of the British company plan to soon begin to prepare a new suit against Uzbekistan for the submission to the court of arbitration in Paris, according to Oxus Gold.

Iran's Embassy in Lisbon slams US attempts to extend arms embargo on Iran
Iran's Embassy in Lisbon slams US attempts to extend arms embargo on Iran
Zarif arrives in Beyrut
Zarif arrives in Beyrut
Acting Industry, Mine & Trade minister's appointment not approved by Iranian parliament
Acting Industry, Mine & Trade minister's appointment not approved by Iranian parliament
Loading Bars
S. Africa commends WHO's leadership in fighting COVID-19
Azerbaijan unveils its seven-month airfreight performance
Monterey Herald publishes article on Armenians' atrocities against Azerbaijanis in LA
Foreign trade turnover of Azerbaijan drops
Azerbaijani community of Azerbaijan's Nagorno Karabakh issues statement
Gold price grows in Azerbaijan
Arming Armenia means supporting occupation of Azerbaijani lands - MP
Azerbaijani MP: Turkish Grand National Assembly rejected Treaty of Sevres, tearing it apart as useless paper
Subsistence minimum for average household down in Georgia
Uzbekistan to implement big touristic projects in Bostanlyk district
First batch of hazelnuts to be exported from Georgia to Germany
Georgian Artana Wines company decides to grow organic vegetables
Data on terry products sales at Turkmen State Commodity Exchange for July 2020 revealed
Uzbekistan resumes domestic flights, rail services, public transport traffic
Georgia decreases mandatory quarantine & self-isolation time
Kazakhstan's revenues from air transportation down year-on-year
Pashinyan again shows his helplessness, responding to BBC's "hard" questions (VIDEO)
Azerbaijani oil prices fluctuate
Air separation unit launched in Kazakhstan to supply ArcelorMittal Temirtau with gases
Ukrainian car building company interested in expanding cooperation with Turkmenistan
Electricity consumption down in Georgia
EU supports medium, long term recovery of Kazakh economy amid COVID-19
Azerbaijan sees growth in alternative energy production
Azerbaijan confirms 221 more COVID-19 recoveries
Iran's ministry supports increase of home appliances' price
Georgia, US discuss possibility of opening DFC regional office in country
Investments in socio-economic dev't in Azerbaijan grow
U.S. retail sales rise less than expected in July
Kazakhstan’s largest electrotechnical company to launch equipment production
Namangan Free Economic Zone to expand car production in Uzbekistan
National Bank of Georgia talks reasons behind remittances' growth
Uzbek-Korean JV opens tender to buy batteries
Volume of export of oil, oil raw materials from Azerbaijan to Ukraine revealed
Azerbaijan reveals seven-month statistics of industrial production
EU COVID-response to contribute to long-term health systems resilience in Central Asia
Azerbaijan successfully resolving problem of irrigation water shortage
Kazakhstan's Passenger Transportation JSC opens tender for loading, unloading services
SOCAR's STAR Refinery among Turkey’s 500 largest companies
Uzbekistan's national postal operator expands services
Multiple projects to be commissioned in Kazakhstan within industrialization roadmap
Angry Birds maker happy as stay-at-home gaming boosts profit
Iran is to sell oil bonds at stock exchange
Capacity of Georgian Kula canning company to increase
Turkmenistan’s Dashoguz region opens tender for construction, installation work
Output volume at Azerbaijan’s Kursangi, Garabagli fields revealed
Azerbaijani refugee from Armenia: Oppression of Azerbaijanis in Armenia began before 1988
Uzbekistan boosts trade turnover with Afghanistan during 1H2020
Turkmen manufacturer of suspended ceilings to expand its product range
British analyst: Uzbekistan to increase domestic electricity consumption over next decade
Weiss, CEO of Majid Al Futtaim – Retail, talks Uzbekistan's food retail market prospects
Mikayil Jabbarov: Azerbaijan-Israel partnership is strong, resilient, forward-looking
Azerbaijan's GDP slightly decreases
Maersk Drilling: Contracting activity for drilling campaigns with 2020 commencement to be limited
Global total utilization for jack-up rigs, floaters down
Georgian TBC Bank Group buys stake in its Uzbekistan branch
Azerbaijan’s Nakhchivan increases GDP volume
Number of flights over Iran's airspace increases
Azerbaijan's Kapital Bank to increase its authorized capital
Russia’s St. Petersburg, Turkmenistan boost cooperation
Kazakh coal extracting venture to buy filters via tender
Uzbek-Turkish JV to increase export of electrical goods from Uzbekistan's Samarkand
Money transfers to Georgia up in July 2020
Kazakhstan's Sunday Airlines resuming flights to Egypt
PETRONAS Carigali Sdn Bhd in Turkmenistan opens tender for provision of downhole equipment
Israel puts Georgia on list of 'green' countries
Central Bank of Uzbekistan establishes co-op with Central Bank of South Korea
Kazakhstan's export to Germany down during COVID-19
Indonesia's Widodo proposes $186 billion 2021 budget, 5.5% of GDP deficit
Bryza: By supplying military equipment to Armenia, Russia losing credibility as OSCE MG co-chair
Iranian National Tax Administration imposing tax on gold coin owners
Russia's St. Petersburg to supply ships to Turkmenistan
UK transport minister says people know the risks of travel in 2020
Graduates of Baku Higher Oil School awarded DAAD scholarships
Azerbaijani currency rates for August 14
Rehabilitation of Zemo Imereti-Racha road actively progressing in Georgia
Canadian oil & gas company aims to start operations in Uzbekistan
Azerbaijani Nakhchivan's mobile operators up revenues
Oil gains, heading for weekly rise amid hopes for fuel demand recovery
Azerbaijan discloses Consumer Price Index for July
Uzbekistan to open new tourist zone in its Navoi region
Georgia reports 23 new cases of COVID-19, 17 recoveries
Azerbaijan's AzStateNet network reveals, blocks more malware attacks
Bank of Georgia implements new project in field of agriculture
Italian ambassador to Turkmenistan completes his diplomatic mission in country
South Korean companies to build smart cities in Uzbekistan's Fergana
Turkmenistan, Russia's Tatarstan to join efforts to counter COVID-19
Antimonopoly Committee of Uzbekistan reveals data on approved transactions
Azerbaijan's statistics committee talks half-year trade performance with partner countries
Uzbekistan reports 724 new cases of COVID-19
Maersk Drilling reveals revenues from operations in Azerbaijan
Iran launches new transport corridor to Uzbekistan
Lower interest rates to help Georgian economy recover and increase access to finance
Iran's exporters under pressure of foreign currency revenue policy
Armenia violates ceasefire with Azerbaijan 29 times
Amazon to launch online drug sales in Indian city
Uzbekistan’s tourism and investment potential presented in Turkey
Pakistan army says border fencing with Iran to be completed by end of 2021
Number of request related to computer security drops in Azerbaijan
Japan allocates about $ 3 mln to Kyrgyzstan within framework of scholarship program
UK ready to share its renewable energy dev't experience with Uzbekistan (INTERVIEW)
All news