Mongolia Web News, Ulaanbaatar. The impact of the Mongolia's government's changing policies on nationalizing the mining industry continues to be felt.
On Tuesday, Canadian-based Western Prospector Group filed suit against Tinpo Holdings Industrial Company Ltd. after a takeover agreement collapsed. Tinpo has expressed fears of investing in Mongolia due to the government's tentative moves to nationalize mines.
Tinpo was to purchase Western Prospector's uranium deposit in Mongolia for $72 million. However, the company announced it has withdrawn the offer because of the uncertain political climate in Mongolia.
In response, Western announced plans to take legal action filed a notice of application with the Ontario Superior Court of Justice on Tuesday.
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