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(Alliance News) - Aura Energy Ltd said Friday it has provided Swedish government a written notification under the Energy Charter Treaty to seek compensation over uranium ban.
Uranium in Sweden was banned effective August 1, 2018, and Aura Energy is now seeking compensation for the financial loss resulting from this decision.
In the trigger letter, based on the Energy Charter Treaty, Aura Energy has requested Sweden for an amicable settlement. The Australia-based minerals explorer said that discussions should be ended within a three months period as per Article 26 of the treaty.
The Energy Charter Treaty is a multilateral legal framework promoting cross-border cooperation in the energy sector.
Aura Energy said the treaty provides a level playing field of rules to be observed by all participating governments, thereby mitigating risks associated with energy-related investment and trade.
Aura Energy shares were up 6.9% in London at 0.35 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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