Rare earth junior is up after arbitration win
Rare earth junior Stans Energy was up today after a Russian arbitration hearing was settled in the company’s favour over the Republic of Kyrgyzstan.
In October Toronto-based Stans Energy Corp. and its subsidiaries filed a claim for arbitration under the Convention for the Protection of Investor’s Rights. Kyrgyzstan is a signatory.
The company claimed that certain actions by representatives acting on behalf of the government of the Republic of Kyrgyzstan were aimed to impede the company from executing its responsibilities under its licence and created conditions for termination of the operations of Kutisay Mining LLC, the company’s wholly owned subsidiary.
Stans Energy is claiming $117 million in compensation for losses and damage.
The court will prepare a written ruling detailing the verdict and the final damage amount. In the interim period the company will continue to negotiate a settlement with the inter-departmental working group of the Kyrgyzstan government.
Stans Energy Corp.’s shares was up 70% on Thursday, closing at 17.5 cents.