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Gold/Mining/Energy : WWS.T World Wide Minerals
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To: traacs who wrote (497)5/31/1998 2:52:00 PM
From: kingfisher   of 784
 
From Almaty Herald Kazakhstan

Canadian Company File Suit Against Kazakhstan

Canadian miners company and its US sales agent filed a suit in a Washington court requesting $220m in damages against the former Soviet republic of Kazakhstan for allegedly failing to honor an agreement permitting the export of uranium. World Wide Minerals said it had invested $82m in a dilapidated uranium mine in Northern Kazakhstan employing thousands of workers and proving light and heat for the region in 1996-1997. In July, Kazakhstan apparently changed its mind and refused to issue uranium export license. When World Wide stopped production; the government cancelled the contract. This caused Nuclear Fuel Resources of Denver to fail to deliver on a contract it had made when it promised delivery of Uranium to Consumers Energy of Michigan. Tom Evans Jr., a former congressman, now on World Wide's board, said Kazakhstan had 'arrogantly ignored the need to respect the role of low". While denying World Wide an export license, he said the Kazakh government had granted one to Nukem, a German company, along with the executives rights to sell Kazakh uranium in the US. The company said Kazakhstan acknowledged through official canals its obligations to provide compensation, but no specific offer of a settlement has been made. This month the Kazakh government discussed the possible sale of a 20 per cent stake in Kazakhstan or a bond issue for the state-owned oil company. Mr. Evans said Kazakhstan generally has threaten big oil investors well. However, the government is reportedly considering revoking current licensing agreements under an oil industry review.
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