Gabriel Resources will have to wait until late 2019 to find out whether Romania will have to pay it $4.4 billion in alleged losses related to the company’s Rosia Montana gold and silver project.
Australian mining could also benefit from reductions in Australian tariffs on European mining-related equipment and manufactures, and in European tariffs on a number of minerals and metals commodities.
After a 14-year dispute between Quiborax and the Bolivian government, the International Centre for Settlement of Investment Disputes (ICSID) rejected Bolivia’s application to annul a US$48.6mn award in favor of the Chilean mining company.
Exmingua is planning to launch arbitration proceedings against Guatemala following the suspension of its Tambor gold project.
Canada’s controversial mining sector may be the driving force behind the country’s insistence on protecting foreign investors’ rights over laws that guard its own citizens and environmental values.
Rosia Montana Gold Corporation entered a dispute with the Romanian state at the ICSID after the mining project was blocked as the site was declared a historic monument.
The company exaggerated its future profits by underrating tax and royalty obligations by as much as 61 per cent, officials said.
Rusoro Mining has filed lawsuits in the US and Canada to seek compensation via the monetisation of Venezuela’s assets amounting to approximately $1.34bn in connection with the nationalisation of its gold mining assets in Venezuela.
The government risks losing up to Sh500 billion in an international arbitration case against mining firm, Cortec, after it failed to provide Sh100 million in the second mini-budget to pay a UK-based law firm representing it in the case.
Colombia’s decision to ban mining activities in the Páramos, a range of environmentally sensitive wetlands that provide approximately 70% of the country’s water supply, has so far led to three treaty-based arbitration cases.
Research shows that mining and energy industries are the most frequent users of Investor-State Dispute Settlement mechanisms.
Stans has entered into a litigation finance agreement to obtain incremental funding of Stans’ legal costs to continue with the international arbitration proceedings against the Republic of Kyrgyzstan.
The dispute offers another example of the rising tensions between mining companies and the government leaders in cash strapped countries where they operate.
Junior project developer Eco Oro Minerals has filed a memorial on the merits with the World Bank’s ICSID in its arbitration case against Colombia.
DC court ruled in Rusoro’s favour, rejecting all of Venezuela’s defenses and holding that the award was valid and enforceable in the United States.
How poor countries like Mongolia may be losing millions because of corporate tax practices and legal loopholes.
US Federal District Court Judge Richard J. Leon has ordered Rusoro’s $1.2 billion ICSID Expropriation award against Venezuela registered in the US.
Argentina and Japan are moving ahead with a bilateral investment treaty.
International mining companies are lobbying Kabila not to sign the new code, saying the proposed changes would discourage investment and violate existing agreements. Randgold has threatened to challenge the law through international arbitration.
Randgold is considering launching international arbitration if Congolese President gives his assent to the legislation.