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Westwater seeks arbitration over Turkey's uranium license cancellations

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Westwater seeks arbitration over Turkey's uranium license cancellations

Westwater Resources Inc. said Dec. 13 that it filed for arbitration with the International Centre for the Settlement of Investment Disputes against Turkey over the country's seizure of its Temrezli and Şefaatli uranium projects in June.

These projects were owned by Westwater's Turkish subsidiary, Adur Madencilik Ltd. Sirketi.

The Turkish government revoked Adur's exploration and operating licenses in June, with retroactive effect, asserting that the licenses were issued by mistake.

The company has been trying to resolve the dispute amicably to get the licenses reinstated, according to the release.

Westwater President and CEO Christopher Jones said the Turkish government has not reciprocated the company's efforts to resolve the issue.

"The time for utilizing the provisions of the U.S.-Turkey bilateral investment treaty and to seek recovery of the company's investment in the Temrezli and Şefaatli projects has come," Jones said.

Westwater said it will continue to seek meaningful engagement from the Turkish authorities to resolve the dispute, but the company is also fully committed to protecting its rights.

Experts have estimated that Temrezli, the most advanced uranium project in the country, will generate revenues of up to US$644 million over its life, netting Westwater a return on its investment of US$267 million, based on a 2015 pre-feasibility study, the company added.