WASHINGTON, Oct 15 (APP/AFP) – A World Bank arbitration panel on Friday found in favor of El Salvador in a $250 million dispute brought by a mining company over a gold concession. The panel at the International Center for Settlement of Investment Disputes also awarded legal costs to the Central American country, finding that the case brought by the mining company Pac Rim Cayman was without merit. “ICSID rejected all of the mining company’s claims,” Salvadoran Attorney General Douglas Melendez told reporters in a news conference in Washington. Now owned by the Canadian-Australian miner OceanaGold, the US company Pac Rim Cayman in 2009 had sought arbitration, claiming that authorities in San Salvador had improperly denied the company environmental permits for its exploration projects, rendering them worthless. The claim had sought $250 million in compensation. In a statement, OceanaGold said it was “disappointed” but would review the ruling before considering next steps.
Business News
El Salvador prevails in $250 mn mining trade dispute
