30th Sep 2015 13:06
LONDON (Alliance News) - Oxus Gold PLC's pretax loss narrowed in the first half, the company said on Wednesday, as it continues to focus on its ongoing arbitration case in Uzbekistan.
Oxus is currently involved in arbitration proceedings and a compensation claim related to the loss of the Amantaytau Goldfields and Khandiza mining assets. The group is pursuing arbitration proceedings against the Republic of Uzbekistan, where the two fields are located.
The company went into international arbitration proceedings in August 2013, seeking damages of about USD400 million, after Uzbekistan government-backed companies initiated an audit of Oxus's Amantaytau Goldfields joint venture. Oxus alleges the audit was set up to find reasons to justify the liquidation of Amantaytau.
Oxus said it remains confident the arbitral tribunal will rule in its favour in the near future and award it fair compensation for the assets.
Given this remained the focus for the company in the first half and it generates no revenue, its pretax loss was narrower, USD1.1 million against USD1.4 million, due to lower costs related to the arbitration proceedings.
Oxus Gold shares were up 24% to 3.60 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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