The London Court of International Arbitration (LCIA) has this week rendered a final award in favour of Canada-based Denison Mines for the arbitration proceedings between the company and Uranium Industry (UI), relating to the 2015 sale of Denison’s assets in Mongolia.
The arbitration panel declared that UI violated its obligations to Denison under the related agreements, and ordered UI to pay the company $10-million, plus interest at a rate of 5% a year from November 16, 2016, as well as certain legal and arbitration costs.
The arbitration panel also dismissed all other claims and counterclaims.