British marble miner in Kosovo quarry battle

0


A British marble mining company seeks government support in the battle over a quarry in Kosovo.

Fox Marble is demanding € 195 million in damages for the rights to the Malesheva mine in the Balkans.

The company, which is on the Aim List, has filed arbitration with the United Nations Commission on International Trade against the Republic of Kosovo, claiming the country failed to protect its rights.

Documents filed with the United Nations claim that Fox signed a deal two years ago with local companies Green Power and Scope that would give the UK-listed company control of the mine in exchange for Fox shares.

Fox says the deal paved the way for a € 100 million expansion plan that would have helped create one of Kosovo’s largest private companies, creating much-needed jobs in the country where one in four is unemployed, as well Generate export revenue.

However, the arbitration documents allege that the owners of Green Power and Scope, through their attorneys, challenged the validity of the deal before Fox’s directors could confirm the share transfer, saying the agreement had been terminated.

When Fox attempted to register ownership of Green Power and Scope with the ARBK Corporate Registration Department of Kosovo, the application was denied and subsequent attempts were also denied.

The Kosovo Mining Authority, ICMM, also revoked the mine and Fox’s attempts to challenge the decision were unsuccessful.

For the company, this means “significant financial losses that will continue to occur,” the complaint said. It also lost a large US donor who would have helped fund 40 quarries and factories in Kosovo.

The Fox case describes the ARBK’s behavior as “manifestly arbitrary, unfair and discriminatory” and that the Mining Authority was well aware of Fox’s rights in its previous dealings with the company.



Source link

Share.

About Author

Leave A Reply