MTT Metal-Tech

 

TIDMMTT 
 
RNS Number : 1933G 
Metal-Tech Ltd 
27 January 2010 
 

27 January 2010 
 
 
Metal-Tech Ltd 
('Metal-Tech' or 'the Company') 
 
 
Update on the Uzbekistan joint venture 
 
 
Tel Aviv -Metal-Tech Ltd., the metal-based hydrometallurgy and chemical company, 
which focuses on the recycling and production of specialty metals, powders and 
oxides such as Tungsten and Molybdenum, yesterday filed a Request for 
Arbitration against the Republic of Uzbekistan related to that country's 
unlawful treatment of Metal-Tech's 50 percent investment in Uzmetal Technology, 
a joint venture to produce high-quality molybdenum products. The Request for 
Arbitration, filed with the International Centre for Settlement of Investment 
Disputes (ICSID) based in Washington, D.C., asserts Uzbekistan's breach of the 
Israel-Uzbekistan Bilateral Investment Treaty, as well as violations of various 
standards of treatment under international law and Uzbek legislation. 
 
 
Metal Tech is seeking damages because the Company claims that Uzbekistan 
breached its obligations by denying Uzmetal Technology necessary inputs of 
molybdenum concentrate in mid-2006, thereby forcing the joint venture to become 
idle for lack of raw materials to process. The damage to Metal-Tech was 
exacerbated when Uzbekistan and its state-owned companies (which owned the other 
50 percent of Uzmetal Technology) later forced the joint venture into bankruptcy 
and eventual liquidation. 
 
 
Metal-Tech's Vice President Business Development and General Counsel, Ms. Maayan 
Bar, stated: "It is unfortunate that we have not been able to resolve this 
dispute amicably with the Uzbekistan government. Resorting to international 
arbitration will allow us to pursue our claims in an impartial forum." 
 
 
Metal-Tech's counsel in this arbitration, O. Thomas Johnson, Jr. of Covington & 
Burling LLP, stated: "The Israel-Uzbekistan Bilateral Investment Treaty protects 
Israeli investors in Uzbekistan from actions such as those taken against 
Metal-Tech.  Under that treaty, Metal-Tech has the right to seek redress from 
Uzbekistan through binding arbitration. Metal-Tech is doing nothing more than 
exercising that right." 
 
 
Enquiries: 
 
 
 
 
+-----------------------------------------------------+---------------------+ 
| Metal-Tech Ltd.                                     |                     | 
+-----------------------------------------------------+---------------------+ 
| Maayan Bar,                                         | +972 50 2211122     | 
| Vice President Business Development and General     |                     | 
| Counsel                                             |                     | 
+-----------------------------------------------------+---------------------+ 
|                                                     |                     | 
+-----------------------------------------------------+---------------------+ 
| Panmure Gordon                                      |                     | 
+-----------------------------------------------------+---------------------+ 
| Edward Farmer, Stuart Gledhill                      | +44 20 7459 3600    | 
+-----------------------------------------------------+---------------------+ 
|                                                     |                     | 
+-----------------------------------------------------+---------------------+ 
| Corfin Communications                               |                     | 
+-----------------------------------------------------+---------------------+ 
| Harry Chathli, Alexis Gore                          | +44 20 7977 0020    | 
+-----------------------------------------------------+---------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 JVEUBURRRSAAUAR 
 

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