Pacific Rim ready to explore gold deposits in Guatemala

The mining company Pacific Rim is confident that El Salvador will open its doors to exploit its gold deposits, but the tax barriers there have induced the company to look to Guatemala.

Thursday, July 10, 2008

Guatemala "is open for business," said company president Thomas Shreke.
"At this point we are making our survey plan to Guatemala," said Shrek, who said he has a group of technicians to study the gold deposits that form part of a geological band that runs from Guatemala to Nicaragua.
He said the main reason his company is interested in El Salvador is that it is in the middle of the band. In his experience this suggests that the best production possibilities are in that zone.
Pacific Rim has invested 77 million dollars in exploration costs in El Salvador over the past six years.

More on this topic

Mining Suit Against El Salvador Outside FTA

June 2012

A lawsuit by Pacific Rim Mining against the Salvadoran government must be resolved by the local jurisdiction, and not by that provided for under the DR-CAFTA.

An arbitration panel from the World Bank has found that the Canadian company Pacific Rim "does not have nor has had substantial operations in the United States" in order to take their case against the State of El Salvador to the dispute settlement mechanisms of DR-CAFTA.

Dispute between Pacific Rim and El Salvador Continues

August 2010

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.

Pacific Rim, owner of the El Dorado gold mine, is at the center of an international dispute with the Salvadoran government.

Arbitration Between Mining Company and El Salvador

July 2009

Pacific Rim interposed an arbitrage against El Salvador, process that started on June 15.

The arbitration was interposed by Pacific Rim on the grounds that the country did not grant permission for the start of operations of El Dorado, a gold extraction project located in the Cabañas department.

Pacific Rim sues El Salvador

December 2008

Pacific Rim, a company which was expecting to dig for gold at the El Dorado gold mine, announced its intention to sue El Salvador for not issuing the exploration and exploitation permits.

The company said that there is no legal basis for the denial of the permits, and that they will move to sue the country under the terms of the FTA between the US and CA-DR, known as CAFTA-DR.

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