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All that glitters (Costa Rica)

Author: Tyler Hamilton, Corporate Knights (Canada), Published on: 3 October 2013

[T]hen-president [of Costa Rica] Oscar Arias declared by executive decree that an open-pit gold development proposed by a Canadian mining company [Infinito Gold]…was “in the national interest.” Arias also lifted a moratorium…to protect...the country’s booming ecotourism industry…The moratorium was reinstated, followed by a permanent ban…From the company’s perspective, Costa Rica was breaching its bilateral investment treaty with Canada. Its reaction to the court’s decision was to swiftly issue an ultimatum to the country: resolve the dispute in six months or be sued for more than $1 billion...through the International Centre for Settlement of Investment Disputes...It would be the largest lawsuit ever launched against Costa Rica...When the dispute is eventually resolved, it is likely Costa Rica will have to pay some sort of penalty.[refers to Coril Holdings, Industrias Infinito, Barrick Gold, Placer Dome]

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Related companies: Barrick Gold Infinito Gold Placer Dome (part of Barrick Gold)