A case against the Kyrgyz authorities will be heard in Washington, D.C. in November 2024. At the end of 2022, International Mining Company Invest Inc. – which is headquartered in the U.S. – filed a lawsuit in international arbitration, accusing the Kyrgyz authorities of illegally expropriating investments. The company estimated its losses at $63 million.
In 2009, International Mining Company Invest Inc. received the right to use subsoil for geological exploration. In 2013, the country’s authorities issued a license to the foreign company to search for uranium and other metals at one more site. International Mining Company Invest Inc. carried out work in three regions of the republic; however, in 2019, a moratorium on exploration and development of uranium and thorium deposits was introduced. The company lost its license and initiated arbitration proceedings at the International Center for Settlement of Investment Disputes.
Speaking at a press conference in Bishkek, Kyrgyz Justice Minister Ayaz Baetov said the case will be heard in international arbitration in Washington in November 2024. “The so-called uranium moratorium was the reason for this case’s emergence. The case is now being considered. We have our arguments; they have theirs,” the official stated.
The previous authorities imposed a moratorium on the mining and exploration of uranium and thorium deposits; the new administration lifted the ban, but announced that Kyrgyz companies would develop the deposits.
