World Wide Minerals Ltd has initiated a review of the arbitration case, as reported by Orda.kz.
The Canadian company WWM has submitted a notice for the review of its dispute against Kazakhstan to the arbitration court, which opens the third phase of the proceedings regarding investments in uranium mining that began in the 1990s.
The new phase is related to the decision of the High Court of England on February 28, 2025, when the court in London overturned the previous arbitration ruling that required Kazakhstan to pay WWM $54.5 million and sided with Kazakhstan. WWM claims that the court only challenged the findings of the second arbitration ruling regarding causation and the calculation of damages, but did not reconsider the allegations of violations of international law.
“The conclusions of the first arbitration ruling from October 2019 regarding Kazakhstan's violation of international law and the bilateral investment agreement between Canada and the USSR remain binding and cannot be reviewed,” the company emphasizes.
Ann Marie Carroll, President and CEO of World Wide Minerals, noted that the company had to return to arbitration nearly 30 years after the initial events, adding that Kazakhstan continues to contest the outcomes of the proceedings despite two arbitration rulings confirming violations. The third arbitration process will be conducted by a new panel of the tribunal.
It is worth noting that the conflict between Kazakhstan and World Wide Minerals Ltd (WWM) flared up back in the late 1990s. At that time, the Canadian investor was investing in Kazakhstan's uranium industry, managing one of the largest enterprises in this field. An investment agreement was signed between the company and the government of Kazakhstan.
It should also be mentioned that Kazakhstan previously won an international arbitration case against the Italian companies Todini Costruzioni Generali and WeBuild regarding the construction of the Almaty – Khorgos road. The Paris International Arbitration Court completely rejected their claims amounting to about $50 million and ordered the plaintiffs to cover the legal costs.
