Ulaanbaatar
Hague Tribunal dismissed complaint against Mongolian Government
Economy
Ulaanbaatar /MONTSAME/ The Government of Mongolia won in the arbitration dispute with three Chinese investors to Tumurtein Khuder Company. The investors appealed to the permanent court of Arbitration at the Hague in February 2010, concerning the Government agency’s decision on cancellation of Tumurtei khuder company’s license of Tumurtei iron ore mine. On June 30, the arbitral tribunal made decision to dismiss the claimants’ requests in full.
Tumurtei mine located in Khuder soum of Selenge aimag has a reserve of 250 million tons of iron ore. The mine license was cancelled in 2006 as license holder ‘Tumurtein Khuder’ company had breached relevant laws and regulations by not repaying costs for the exploration of the deposit conducted with the state budget finance, having failed to develop plans on environmental protection and rehabilitation and take measures, making explosion on a field of ‘Khustain Yeroo” company or unauthorized field and by having exported iron ore instead of concentrating it as stated in its Environmental Impact Assessment.
The Chinese investors, including China Heilongjiang International Economic and Techinical Cooperative Corporation claimed investment of USD60 million, plus potential profits since the license revocation as well as all costs incurred arbitration dispute.
Tumurtei mine located in Khuder soum of Selenge aimag has a reserve of 250 million tons of iron ore. The mine license was cancelled in 2006 as license holder ‘Tumurtein Khuder’ company had breached relevant laws and regulations by not repaying costs for the exploration of the deposit conducted with the state budget finance, having failed to develop plans on environmental protection and rehabilitation and take measures, making explosion on a field of ‘Khustain Yeroo” company or unauthorized field and by having exported iron ore instead of concentrating it as stated in its Environmental Impact Assessment.
The Chinese investors, including China Heilongjiang International Economic and Techinical Cooperative Corporation claimed investment of USD60 million, plus potential profits since the license revocation as well as all costs incurred arbitration dispute.
B.Ooluun
