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Consolidated Exploration Holdings Ltd. intends to initiate investment arbitration against Kyrgyzstan government if no mutually beneficial solution is found to Jeyrun case.

Consolidated Exploration Holdings Ltd. intends to initiate international arbitration against the Government of Kyrgyzstan if Jeyrun case is not solved on mutually beneficial terms, stated in the letter sent by the company to the Prime Minister Omurbek Babanov, reported Tazabek. The company demands more than $740 million damage compensation. In addition, the company can also charge the government of Kyrgyzstan for losses that it experiences due to current unresolved situation. The dispute arose after the Government of Kyrgyzstan and the Ministry of Natural Resources (currently, the State Agency for Geology and Mineral Resources) decided to revoke licenses of the company for development of the gold mining site "Jeyrun". Consolidated Exploration Holdings Ltd. - is an investment company that owes 60% of JSC "Jeyrunalatyn" and is a member of Kazakh investment holding Visor Group.

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Publication:AKIpress News Agency
Geographic Code:9KYRG
Date:Aug 8, 2012
Words:145
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