El Salvador Looks to Block Pacific Rim Law Suit
The Salvadoran government has filed a new set of objections after the
Tuesday, August 10, 2010
The document, presented as a response to the backing given by the International Center for Investment Dispute Resolution (CIADI), describes the way the company changed its nationality in order to take advantage of the benefits of the free trade agreement.
The court at the International Centre for Settlement of Investment Disputes (ICSID) has ruled in favor of the Canadian gold mining company and dismissed preliminary objections raised by El Salvador.
Community development associations in the region of El Dorado requested President Saca to reconsider his decision not to allow the exploration of precious metals.
The company will defer the completion of a feasibility study for its El Dorado project, because of volatility in the capital cost estimates, as well as permitting uncertainty.
The International Centre for Settlement of Investment Disputes has ruled in favor of El Salvador in the dispute with the mining company OceanaGold, owner of the El Dorado gold mine.
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