Altan Dornod (Golden East) Mongolia filed against the Mongolian Government

Apr 18 • Government, Mining • 361 Views • No Comments on Altan Dornod (Golden East) Mongolia filed against the Mongolian Government

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Altan Dornod Mongolia LLC, a Russian invested and one of the major gold mining companies of Mongolia, filed against the Government of Mongolia. The court is scheduled on April 23 2009 in Frankfurt Germany. The company claims 1 billion US$ from Mongolia.

“Altan Dornod Mongolia” and “Vostoknetfigaz” companies complain that the Government of Mongolia imposed 68% windfall tax based on the discriminatory basis, breaching inter Governmental agreement. The company mined around 2,5 tons of gold ( 65 million US$) and sold them without paying windfall tax of 68%. It also avoids paying 2 million US$ as the security of its obligation, set by the International Arbitrary Court.

This dispute contibues for over two years and in November 2009, property of Altan Dornod Mongolia was sealed by the Mongolia court.

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