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ARTICLE · 01 MARCH 2017

No More Mining - Reflections From Pacific Rim Cayman v El Salvador (ICSID)

Blaney McMurtry LLP
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An "ICSID" tribunal recently dismissed a mining company's claim against the government of El Salvador for refusing to allow it to exploit certain mineral reserves.

CanadaEnergy and Natural Resources
Blaney McMurtry LLP
Blaney McMurtry LLP
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Introduction

An International Centre for Settlement of Investment Disputes ("ICSID") tribunal recently dismissed a mining company's claim against the government of El Salvador for refusing to allow it to exploit certain mineral reserves. The Tribunal also ordered the company to pay $8M to cover the country's costs.

In Pac Rim Cayman LLC v. Republic of El Salvador (ICSID Case No. ARB/09/12),1 Pacific Rim ("Pac Rim") (later acquired by the Australian-Canadian company OceanaGold) claimed that El Salvador had unfairly refused to grant it a mining permit. The company argued that the government encouraged it to spend "tens of millions of dollars" in mineral exploration only to withhold the required mining permit. The company sought damages exceeding $300M. The Respondent Government maintained that the company had simply failed to meet regulatory requirements. The Tribunal ultimately accepted this position.

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