The Constitutional Court in Mongolia ruled that Mongolian Copper Corp. LLC never held the rights to a 49% interest in the Erdenet copper mine as it violated the country's law, Reuters reported Feb. 28.
According to the report, the court ruled that Mongolian government at the time had no right to approve a sale consummated between the company and Russia in 2016, contrary to a Supreme Court decision in December 2017.
The decision supports a government resolution to buy back the stake, which would give it full control of Erdenet as part of its efforts to nationalize the asset. Mongolian Copper, however, will challenge the government's plans to repurchase the stake.
