Another Favorable Ruling for El Salvador in Mining Dispute

A new ruling by the International Center for Settlement of Investment Disputes requires the mining company OceanaGold to pay interest on the $8 million it owes to the Salvadoran State.

Wednesday, March 29, 2017

From a statement issued by the Comptroller General of the Republic:

The International Center for Settlement of Investment Disputes (ICSID) has reported that the mining company Oceana Gold (formerly Pacific Rim) must pay interest to the State of El Salvador on the legal costs owed by the aforementioned transnational.

The notification was received on March 28 by the international law firm, Foley Hoag LLP, hired by the Attorney General's Office to represent the Salvadoran State before the ICSID.



More on this topic

Less Investment in El Salvador

July 2017

The company Oceana Gold has paid the $8 million it owed because of the international arbitration case it lost against the Salvadoran state and has announced that it has no plans to continue mining activities in the country.

With the payment of $8 million plus interest, an end has been brought to the litigation that began years ago between Pacifi Rim, now Oceana Gold, and the Salvadoran state.

El Salvador: Oceana Gold Mining Conflict Continues

April 2017

The Public Prosecutor's Office has frozen the company's property, vehicles and bank accounts, because it has not yet paid the $8 million plus interest owed from an international arbitration case which it lost to the Salvadoran State.

From a statement issued by the Attorney General of El Salvador:

Ruling Favors El Salvador in Mining Dispute

October 2016

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.

From a press release by OceanaGold Corporation:

(MELBOURNE) OceanaGold Corporation (TSX/ASX/NZX: OGC) (the “Company”) has been advised that the arbitration tribunal constituted by the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) has found in favour of the Government of El Salvador (the “Government”) in its dispute with an OceanaGold indirect subsidiary company, Pac Rim Cayman LLC. ICSID granted an award of US$8 million to the Government of El Salvador to cover its legal fees and costs.

A New Mining Company in El Salvador

September 2016

Companies in the sector point to the favorable geological conditions for this activity in the country and advocate that the suspension of concessions which has been in effect since 2009 be lifted.

Companies engaged in exploration and mining activities support their argument citing the new ways in which the activity now takes place, differentiating the artisanal mining techniques which were used in the past from those used in modern mining. 

 close (x)

Receive more news about International regulations

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Costa Rica ECO-Residential Development & Business

Real Estate Development & Adventure Park Jacó, Costa Rica. Multiple Investment Opportunities Available.
The Ocean Ranch eco-residential development is located...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Nov 26)
Brent Crude Oil
71.8
Coffee "C"
241.5
Gold
1,792
Silver
23.105