The government of Mongolia is ready to pay $70 million to Canada’s Khan Resources (TSX:KRI) for revoking a uranium mining licence, putting an end to seven years of negotiations and legal battles that scared investors away from the country once considered a top mining destination.

Speaking under condition of anonymity, a government source told Reuters that Prime Minister Chimed Saikhanbileg will be taking further measures soon to improve Mongolia’s relationships and tarnished reputation.

The move comes just weeks after the Asian country launched a new program aimed to attract a fresh wave of mining exploration.

It also comes on the heels of Rio Tinto’s decision to resume work on a $5.3 billion expansion of the Oyu Tolgoi copper mine, following a three-year delay due to disputes with the Mongolian government.

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