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« Vikas Ranjan: Look for Sustainable Models in Cleantech | Main | MacMurray Whale: Find Energy Catalysts, Find Growth »
Wednesday
Aug252010

Khan Resources Incorporated: Battles On!

Khan Res Chart 25 August 2010.JPG

As charts go, they don't come much more volatile then this one of Khan Resources. The legal battle with the Russians is set to continue with many twists and turns yet to come.

Russia is moving forward with plans to expand the role of nuclear energy. But is it resorting to strong-arm tactics to secure uranium properties in neighbouring countries?

This is a short clip from BNN who spoke to Jim Doak, chairman, Khan Resources, which is suing the Russian company ARMZ for unduly influencing Mongolia into eliminating Khan's mining and exploration licenses in the country, please click here to see it. How this situation will unravel remains to be seen but we do appreciate the efforts of Mr Doak in that he is standing up to a much bigger adversary.



Scanning the air waves a little further we came across this article on Market Watch that may be of interest to you, please click here to read the article in full.



The claim has been brought by Khan and certain of its subsidiaries, and seeks damages from ARMZ and its affiliate in the total amount of CDN$300,000,000, including equitable compensation resulting from their breach of fiduciary duties as one of Khan's joint venture partners and a shareholder of Central Asian Uranium Company, LLC ("CAUC"), general damages resulting from their unlawful interference with the plaintiffs' economic relations, general damages resulting from their deliberately causing damage to Khan's and its subsidiaries' rights, business reputation and property and aggravated, exemplary and punitive damages.

The statement of claim alleges, among other things, that the harmful conduct of ARMZ and it affiliates, namely in seeking to establish a joint venture with the Government of Mongolia over the Dornod uranium region without regard to Khan's rights and interests, impugning the legitimacy of Khan's interests in Mongolia, interfering with its economic relations with MonAtom LLC (Khan's other joint venture partner in CAUC and the Mongolian state-owned entity with which Khan sought to pursue a strategic transaction), and interfering with the competing and superior take-over bid by CNNC Overseas Uranium Holding Ltd., all with the goal of eliminating Khan's interests in Mongolia, has caused Khan, its subsidiaries and its shareholders substantial damage.

Well there we have it, for disclosure purposes we still own shares in Khan Resources and will continue to do so until this court case resolves itself.


Stay on your toes volatility will be the order of the day and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:

On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09.

On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days.


Silver-prices.net have been rather fortunate to close both the $15.00 and the $16.00 options trade on Silver Wheaton Corporation, with both returning a little over 100% profit.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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