WESTWATER FILES INTERNATIONAL ARBITRATION REQUEST AGAINST REPUBLIC OF TURKEY

24.12.2018

 

The U.S. energy materials development company Westwater Resources, Inc. (Westwater) has filed a request for arbitration against the Republic of Turkey with the claim of  that Turkey violated  the bileteral Investment Treaty between Turkey and USA

In a written statement made by the company, it was stated that the claims in arbitration are based on the damages arising out of   cancellation of several exploration and operating licenses related to two uranium projects (Temrezli and Sefaatli) previously held by one of the local subsidiaries of the company, Adur Madencilik Limited Sirketi (Adur).

In 2007, Adur had obtained exclusive rights for the exploration and development of uranium at Temrezli and Sefaatli (located 200 km from Ankara) by the Turkish mining agency (MIGEM). After successfully completing the exploration stage, Adur was granted a number of operating licenses.

According to Westwater’s statement  “the Turkish government cancelled the seven licenses which are as four operating licenses, one pending operating license and two exploration licenses and held by Adur by asserting that the licenses were issued by mistake and that the Turkish govenment has a govenmental monopoly over all uranium mining activities in Turkey. .

The company released its claim on  13 December 2018, however, as of today the  claim has not yet been registered by ICSID yet.

 

Source: https://www.westwaterresources.net/investors/news-releases/2018/12/13/westwater-files-international-arbitration-request-against-republic-of-turkey