Monday, 28 March 2016

Kazakhstan Company obtained a license for the development of rare-earth metals in Kyrgyzstan

Kazakhstan Company "Kamal Oil" LLP has the right to conduct exploration and production of rare earth metals on deposits Kutessay-II and beryllium Kalesay in Chui region of Kyrgyzstan

The competition was held on March 25, correspondent reported.


Kyrgyz company "Armaeks groups" LLC has also participated in the competition. The cost of the license for subsoil use was determined to be 10 mn dollars. According to the State Agency for Geology of Mineral Resources of the Kyrgyz Republic, the company will receive a license after paying.


Next, the winner must open in Kyrgyzstan subsidiary, which will conduct business. It should be reminded that Canadian company Stans Energy Corp received the right to develop the field Kutessay II in 2009.


In 2011, the Kyrgyz authorities stripped the company license for failure to fulfill agreements reached earlier. In response, the company submitted to the international court in the Kyrgyz Republic and demanded compensation of 118 mn dollars. After the proceedings, the international court ruled in favor of the Kyrgyz government.