Kazakhstan has cancelled a $54.5 million arbitration award to World Wide Minerals Ltd., a Canadian miner, regarding a uranium processing project. This marks the second annulment of the award, prolonging a dispute dating back two decades, characterized by regulatory challenges faced by WWM in Kazakhstan.
Kazakhstan has revoked a $54.5 million arbitration award that was granted to the Canadian junior mining company World Wide Minerals Ltd. (WWM) concerning a discontinued uranium processing project. This decision signifies the second time that the award has been annulled, extending a legal dispute that has persisted for over twenty years.
The recent annulment of the arbitration award showcases the significant challenges faced by foreign investors within Kazakhstan’s mining sector, particularly those engaged in uranium operations. The ongoing conflict illustrates the complexities and risks associated with investment in this industry, as well as the potential for prolonged legal battles.
Original Source: www.mining.com
