- A final decision has been issued in Eco Oro Minerals’ (EOM) dispute against the Republic of Colombia
- The claims against the Colombia fell under the investment protection chapter of the Free Trade Agreement between Canada and Colombia
- The Tribunal found Colombia breached Article 805 of the Treaty in its treatment of Eco Oro’s investment in the Angostura gold and silver mining project
- The Vancouver company contends Colombia violated investor protections to which Eco Oro was entitled under treaty
- The company is now looking forward to the Tribunal’s decision on the issue of compensation
- Eco Oro Minerals is up 40 per cent, trading at $0.14 at 1:12 pm ET
A final decision has been issued in Eco Oro Minerals’ (EOM) dispute against the Republic of Colombia.
The Decision on Jurisdiction, Liability and Directions on Quantum was issued on September 9 by the arbitral tribunal constituted under the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
The claims against Colombia fell under the investment protection chapter of the Free Trade Agreement between Canada and Colombia.
The Tribunal found Colombia breached Article 805 of the Treaty in its treatment of Eco Oro’s investment in the Angostura gold and silver mining project.
The Angostura project is located in northeastern Colombia.
Eco Oro filed its Request for Arbitration with ICSID in December 2016 after having invested hundreds of millions of dollars developing the project over the course of more than twenty years.
In 2016, the Colombian Government deprived Eco Oro of rights under Concession Contract 3452, damaging the value of the Angostura Project. Eco Oro then invoked the Treaty by commencing arbitration. The Vancouver company contends Colombia violated investor protections to which Eco Oro was entitled under the Treaty.
The recent decision upheld Eco Oro’s claims that Colombia breached Article 805 of the Treaty, by failing to accord fair and equitable treatment to Eco Oro’s investments in Colombia relating to the Angostura Project.
“Eco Oro is pleased that the Tribunal has acknowledged that Colombia violated the Treaty in taking measures that put an end to the Angostura Project, which had been a promising mineral development with the prospect for significant positive social and employment impact in the region. Eco Oro looks forward to the issuance of the Tribunal’s decision on the issue of compensation,” said Eco Oro CEO Paul Robertson.
Eco Oro Minerals is up 40 per cent, trading at $0.14 at 1:12 pm ET.
