Khan Resources v. Mongolia Khan Resources Inc., Khan Resources B.V. and Cauc Holding Company Ltd. v. the Government of Mongolia and Monatom Co., Ltd. (PCA Case No. 2011-09)


British Virgin Islands
Majority shareholding in Mongolian joint venture subsidiary that held uranium mining and exploration licenses in Mongolia.
Claims arising out of Mongolia’s cancellation of claimant's mining and exploration licenses for a uranium deposit located in the Dornod province in northeastern Mongolia.
Primary: B - Mining and quarrying
7 - Mining of metal ores
PCA (Permanent Court of Arbitration)
Williams, D. A. R.
Fortier, L. Y.
Hanotiau, B.
Decided in favour of investor
358.00 mln USD
80.00 mln USD
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Umbrella clause
Judicial review by national courts
Judicial review by national courts