20th Jan 2014 11:06
LONDON (Alliance News) - Oxus Gold PLC said Monday that a hearing will be held, and a Tribunal decision is expected, during 2014 in its ongoing arbitration to secure compensation from the Republic of Uzbekistan for assets it claims were taken from it illegally.
The company is seeking compensation for the loss of its Amantaytau Goldfields and Khandiza mining assets.
The company went into international arbitration proceedings in August last year, seeking damages of about USD400 million, after Uzbekistan government-backed companies initiated an audit of Amantaytau goldfields. Oxus alleges the audit was set up to find reasons to justify the liquidation of Amantaytau.
Confidentiality obligations mean that Oxus Gold is unable to disclose the procedural calendar of the arbitration, it said.
"I understand shareholders' frustration at the lack of information being provided to them as a result of the confidentiality obligations of the arbitration," said Chairman Richard Shead in a statement Monday. "However, I can confirm proceedings are progressing as expected and the Board of Oxus Gold remains positive that shareholders will be appropriately compensated for the blatant expropriation of the Company's mineral rights in Uzbekistan."
Shares in Oxus Gold were trading up 4.3% at 2.18 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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