Stans Energy (CN:HRE) reported the news from the state committee of industry, energy and subsoil use.
The Toronto-listed company was in 2009 granted a 20-year mining licence for the past producing rare earth mine, Kutessay II. This was before the asset was allegedly expropriated by the government.
The tender committee for the two assets determined the cost of payment for the right of subsoil use to be an amount no less than US$10 million.
Those interested in pursuing this tender may want to read the fine print.
As Stans pointed out, along with other tender terms, there is a requirement to take over any Kyrgyz government liabilities deriving from any arbitration proceedings associated with these licences.
Stans is currently undertaking international arbitration litigation to protect the company's rights and is looking to recover damages estimated at over $210 million related to its work on Kutessay II.
While it is still pursuing these damages, the company is now focused on R&D and implentation of processing technologies for specialty and energy metals.
