Infinito Gold is suing for $94 million lost due to violations of the agreement for the promotion and protection of investments between Costa Rica and Canada.
Industrias Infinito confirmed that its parent company, Infinito Gold, has filed a law suit against Costa Rica at the International Centre for Settlement of Investment Disputes (ICSID) seeking compensation as a result of their investments in the canceled mining project of Crucitas.
The Center for Settlement of Investment Disputes has started arbitration proceedings in which Panama could end up paying up to $2.5 billion.
Months ago the U.S. company Transglobal Green Energy (TGGE), called on the Panamanian government to reach an agreement on the cancellation of an award for a hydroelectricity plant which was subsequently awarded to Grupo Ideal owned by Carlos Slim, however, lack of action by the authorities led the company to take further action.
Transglobal Green Energy has summoned the Panamanian government to make an agreement over a hydroelectricity concession which was annulled and then granted to a company belonging to Carlos Slim.
June 24 is the deadline that Transglobal company lawyers have given the Government to settle in an amicable way the case regarding the concession of a hydroelectic station in the Rio Chiriqui Viejo, before going to an arbitration process.
The project in question is reaching 97% completion but it is still unclear how the dispute over its ownership between the original and new concession holder (Mexican born Carlos Slim) will be resolved.
According to Wilfredo Jordán writing for Prensa.com, "after almost five years the company Ideal Panama, owned by Carlos Slim, has finally completed the "Bajo de la Mina" (literally "under the mine") hydroelectric project. The plant will have installed capacity to produce 56.8 megawatts.
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