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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (19324)	5/9/2008 9:18:00 PM
From: LoneClone	Read Replies (1) of 194541

Oxus Gold agrees to settle Kyrgyz licence claim mining-journal.com Oxus Gold plc, a producer of the metal in Central Asia, agreed to settle a claim against Kyrgyzstan over the cancellation of a mining licence. The claim will be withdrawn upon receipt of a cash settlement, London-based Oxus said on Tuesday in a statement distributed by the Regulatory News Service. "This arbitration represented the last of the various costly litigations that have distracted Oxus in recent years," chief executive officer Richard Wilkins said in the statement. Oxus said in January 2006 it was stripped of the licence so that the former Soviet republic could consider other bids for the project. The company sold Norox Mining Co Ltd, which operated the project, to KazakhGold Group Ltd last year for shares of KazakhGold valued at US$73 million. Oxus may receive as much as US$80 million from KazakhGold should KazakhGold obtain a license to develop Jerooy Oxus said. The KazakhGold deal "recovered our expenditure on Jerooy, and this settlement generates additional recovery," Wilkins said. Oxus was unchanged at 25 pence on the London Stock Exchange at 9:33 am after earlier rising as much as 4% to 26 pence. The stock has declined 42% this year, valuing the company at 91.4 million pounds ($179.6 million). (Bloomberg, May 6)

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