Less Investment in El Salvador

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.

Tuesday, July 4, 2017

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.

Laprensagrafica.com reports that "... Regarding the company's future in the country, Minerales Torogoz, a subsidiary of the company, acknowledged the legislation approved in the country in a statement, and said that it has no plans to continue the search for sustainable mineral resources development in El SalvadorIn addition, he said that as a result, he would target the area for other productive options focused on agriculture, entrepreneurship and sustainable living, which would be staffed by the company's staff in order to minimize unemployment and support family integrity."

In October of last year, the International Center for Settlement of Investment Disputes ruled in favor of El Salvador in the conflict with the mining company OceanaGold, which owns the El Dorado gold mine.

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More on this topic

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:

Another Favorable Ruling for El Salvador in Mining Dispute

March 2017

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.

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

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.

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.

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