Mining Company Sues Costa Rica for $1.1 billion

After the final decision by the Constitutional Court dismissing their claims, Industrias Infinito has announced it will continue litigation in international tribunals.

Thursday, June 27, 2013

"Industrias Infinito turned to international arbitration with the International Centre for Settlement of Investment Disputes and Investment Disputes (ICSID) in April, the company is asking the State to pay $1.092 billion in compensation for halting the mining concession", reported Nacion.com.

According to Yokecbec Soto, a spokeswoman for the company, they now have a "clear path" to continue an international suit, since one of the requirements was that there was no pending proceedings. "Now we will carry on with the normal process in the ICSID, what happened last week has not stopped us rather it opens the way us to carry on with the international suit," he said.

Soto added that the State of Costa Rica has until October to respond to the notice of arbitration.



More on this topic

Litigation Between Costa Rica and Canadian Mining Company Suspended

July 2015

The Canadian firm Infinito Gold has ceased operations and requested the temporary suspension of arbitration against Costa Rica over the failed concession of the Crucitas gold mine.

The cessation of business operations due to lack of financial resources, announced in mid-July, when all its directors and managers resigned, could be the main reason for the decision to request the temporary suspension of the proceedings against Costa Rica over the Crucitas gold mine, for which $94 million was demanded for violations of the agreement for the promotion and protection of investments between Costa Rica and Canada.

International Litigation Over Mine in Costa Rica

February 2014

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.

El Salvador Wins International Arbitration Against Mining Company

August 2013

The U.S. Commerce Group had sued the Salvadoran government for $100 million, over the revocation of environmental permits for a mining project.

Attorney general Luis Antonio Martinez announced that the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank rejected the annulment petition presented by the mining company against a decision favorable to El Salvador which the court issued in 2011.

Miner Proposes Costa Rica Agreement or $1.1 Billion Litigation

April 2013

Infinito Gold has given an ultimatum to the Costa Rican government, to either agree to resume its gold mining project, or face an international law suit for $1.09 billion.

The Canadian mining company had initially obtained permits for the operation of a gold mine in Costa Rican territory, and had already started the project when a court ruling overturned the award, pointing to flaws in the process of granting permits, and environmental damage.

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