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Tribunal awards Stans Energy US$24M in Kyrgyzstan dispute

An arbitration tribunal awarded Stans Energy Corp. about US$24 million, inclusive of damages, interest and costs, over Kyrgyzstan's seizure of the Kutessay II rare earths mine, the company said Aug. 21.

In 2015, Stans Energy said it would appeal a decision from the Moscow City Arbitrazh court that had set aside a US$118 million award owed to the company by the Kyrgyz government from a dispute that arose between the two parties when the country revoked the mining licenses in 2014, citing noncompliance.

The company said in 2014 that the government was using obstructive challenges to delay the successful conclusion of the international arbitration case brought against it by the company.