Loading ...Kyrgyz Republic seizes Stans Energy rare earth project
Stans Energy Corp. (CVE:HRE, OTCMKT:HREEF) announced today that the Government of the Kyrgyz Republic (formerly Kyrgyzstan) has notified the Toronto-based company that it is moving to revoke its mining licenses for its Kutessay II and Kalesay properties.
“The lack of due process by the Kyrgyz Government is poisoning the business environment in Kyrgyzstan and as such we remain committed to executing the award of the Moscow Chamber of Commerce and Industry,” said Rodney Irwin, Stans’ interim president and CEO.
“Furthermore this irresponsible action by the Kyrgyz Government only opens the door for future litigation and increased liability for the Kyrgyz Republic. The Company’s main focus now is to secure the US$118 million arbitration award in Canadian courts and to diversify its operations to more business friendly jurisdictions,” he added.
more http://www.mining.com/kyrgyz-republic-seizes-stans-energy-rare-earth-project-99525/