Khan Resources Inc., Khan Resources B.V., Cauc Holding Company Ltd. v. Mongolia, UNCITRAL

>Claimant : Khan Resources Inc.; Khan Resources B.V.; Cauc Holding Company Ltd.
>Nationality : Canada, Netherlands, British Virgin Islands
>Respondent : Mongolia
>Procedural rules applied : UNCITRAL (PCA)
>Chair : David Williams
>Arbitrator appointed by Claimant : Yves Fortier
>Arbitrator appointed by Respondent : Bernard Hanotiau
>Invoked instruments : ECT and domestic investment law
> Invoked instruments : ECT
>Articles mentioned : Article 17 (1)
, Article 10 (12)
, Article 10 (7)
, Article 10 (1)
, Article 1 (7)
, Article 2
, Article 13
, Article 26
, Article 46
>Breaches alleged :
- (10.1) No less favourable treatment than that required by international law
> Breaches alleged :
- (10.1) Fair and equitable treatment
> Breaches alleged :
- (10.1) Umbrella clause
> Breaches alleged :
- (13.1) Expropriation
>Breaches found :(10.1) Umbrella clause
>Case status : Award rendered
>Year of the award or agreement : 2015
>Follow-on proceedings : Pending national court decision on annulment
>Year of registration : 2011

>Subject matter of the dispute: Claims arising out of Mongolia’s cancellation of claimant's mining and exploration licenses for a uranium deposit
>AInvoked instruments: ECT and Foreign Investment Law of Mongolia
>Amount claimed: USD 326 million
>Amount awarded: USD 80 million
>Valuation method: market-based approach (arm's length offer)
>Interest rate: LIBOR + 2%
>Costs of arbitration: EUR 634,882.37
>Award legal costs: Claimant was awarded USD 9,074,143.51
>Award costs of arbitration: Costs follow the award

ARBITRAL DECISIONS

25 July 2012

Decision on Jurisdiction

2 March 2015

Arbitral Award