Risky Investment in Uzbekistan: Oxus Gold Prepares for Arbitration
Another cautionary tale about the high risks of investing in Uzbekistan: the British mining firm Oxus Gold announced yesterday that it is ceasing operations in Uzbekistan and plans to challenge an Uzbek government audit it says is being conducted in bad faith, Associated Press reported.
Back in February, we noted that Oxus Gold, which had a wholly-owned subsidiary, Oxus Resources Corporation (ORC) in a joint venture with the Uzbek company Amantaytau Goldfields, had agreed to sell its entire 50 percent stake and was exiting Uzbekistan. Oxus was then "in the process of negotiating the cash price" for its sales, according to proactiveinvestors.co.uk .
To read the full story