Khan Resources hits hurdle in ARMZ litigation - News.MN

Khan Resources hits hurdle in ARMZ litigation

Old News! Published on: 2012.03.14

Khan Resources hits hurdle in ARMZ litigation

Avatar
Г. Нэргүй
Uncategorized

Canada”s Khan Resources said an Ontario court upheld an appeal from Russian
uranium miner Atomredmetzoloto JSC (ARMZ), wherein Khan and its affiliates will
not be able to proceed in Ontario with their C$300 million lawsuit.

Khan had sued ARMZ in the Ontario Superior
Court of Justice for alleged interference in its Mongolian operations, but the
Russian justice ministry had refused to effect service on the state-owned miner
in February.

The Canadian uranium miner had said ARMZ
sought to eliminate Khan”s mining and exploration licenses in Mongolia so that
it could proceed with its own joint venture with Mongolia”s state-owned MonAtom
LLC.

“It (the decision) raises the perturbing
question as to how a company like ourselves can achieve adequate recourse for
its shareholders given the inability to even serve ARMZ with our claim,”
Khan”s Chief Executive Grant Edey said in a statement.

The company said it is reviewing the court”s
decision and may seek an appeal.

Shares of Khan closed at 17.5 Canadian cents
on Monday on the Toronto Stock Exchange.

Source: Reuters

For your Reactions?
0
HeartHeart
0
HahaHaha
0
LoveLove
0
WowWow
0
YayYay
0
SadSad
0
PoopPoop
0
AngryAngry
Voted Thanks!