Zolotoy Vostok-Mongolia wins the action against Mongolian Government

Oct 7 • Laws, Mining • 771 Views • 2 Comments on Zolotoy Vostok-Mongolia wins the action against Mongolian Government

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Zolotoy Vostok-Mongolia, a gold-mining company with Russian capital, has filed a claim with the Stockholm Arbitration Court to contest the legitimacy of amendments to Mongolian legislation with regard to foreign mining companies.

The company assesses its direct losses following the introduction of the super-profit tax at $1 billion. Russian company won the action against Mongolian Government, therefore Mongolia have to pay it a sum comparable with its annual budget. In addition, Mongolia has to pay $36 million.

The company is incorporated into the Zolotoy Vostok group, which has been engaged in gold exploration and production in Mongolia since 1997. It produced 4 metric tons of gold a year. The group’s total turnover exceeds $100 million.

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2 Responses to Zolotoy Vostok-Mongolia wins the action against Mongolian Government

  1. KHAN says:

    RUSSIA GO AWAY!

  2. Orgil says:

    This is exactly why mongolian government should train student who can defend any cases that against mongolia and the mglian government.

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