Alhambra Resources obtains arbitration award against Republic of Kazakhstan
Clients Alhambra Resources Ltd.
Jones Day represented Alhambra Resources Ltd., a Canadian mining company in an arbitration against Kazakhstan under the auspices of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Alhambra, through a Kazakh subsidiary, managed a gold field the size of Cyprus in north central Kazakhstan. Alhambra filed an arbitration against the State in 2016, alleging that Kazakhstan had driven the subsidiary into bankruptcy and claiming substantial damages. At the end of 2020, the arbitral tribunal issued its decision, finding that Kazakhstan had breached the relevant bilateral investment treaty and investment contract in imposing various taxes on Alhambra’s subsidiary and in withholding an exploration permit from the company.
Alhambra Resources Ltd. and Alhambra Coöperatief U.A. v. Republic of Kazakhstan (ICSID)