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- BREAKING NEWS -
Friday, June 27, 2015
Mongolia to Pay Khan Resources Award of About $100m: Prime Minister
By Sangwon Yoon
June 26 (Bloomberg) -- Khan Resources Inc. dispute will be “resolved accordingly” because Mongolia respects rule of law and will carry out all its obligations as ordered by intl arbitration court ruling in March, Mongolian Prime Minister Saikhanbileg Chimed says in interview with Bloomberg News in New York.
* “We’re not ignoring, we’re respecting. We will comply.”
* Saikhanbileg says he asked Russian President Vladimir Putin during a meeting last week in St. Petersburg for the Russian company to pay its 21% stake in ~$100m award
* NOTE: ARMZ Uranium Holding OAO holds the 21% stake
* Putin promised Saikhanbileg that he will address this issue with the proper Russian organizations
* Saikhanbileg says hard to predict when full resolution will happen
* “Having these kinds of arbitration cases doesn’t mean that Mongolia is treating all investors in this way”
* Khan Resources dispute gave Mongolia chance to improve its overall business environment
Khan Resources Inc.: Bloomberg Reports That US$100M International Arbitration Award Will Be Paid
TORONTO, ONTARIO--(Marketwired - June 26, 2015) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) reports in respect of the March 2, 2015 international arbitration award in favour of Khan, Mongolian Prime Minister Saikanbileg stated that "we're not ignoring, we're respecting. We will comply." The Prime Minister's statement was in response to a Bloomberg News question during an exclusive interview in New York today. At the current time, the award aggregates to approximately US$104 million. Khan confirms that has not yet received any direct communication from Mongolia on this matter.
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