Kazakhstan has overturned a $54.5 million arbitral award previously granted to World Wide Minerals Ltd. (WWM), a Canadian junior miner, in relation to a terminated uranium processing project.
This marks the second time the award has been set aside, prolonging a dispute that has spanned over two decades.
The conflict dates back to the late 1990s when WWM invested in Kazakhstan’s uranium industry, managing and operating one of the country’s largest uranium-processing facilities. The company entered into agreements with the Kazakh government, committing resources to modernize the nation’s uranium processing capabilities.
Subsequent actions by the Kazakh authorities, including the revocation of necessary licenses and the imposition of bureaucratic hurdles, led to the suspension of WWM’s operations and the eventual confiscation of its assets.
In October 2019, an international arbitration…
