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en/icsid-rules-in-favour-of-el-salvador-on-mining-project-that-could-have-negative-impacts-on-environment-local-livelihoods-includes-comments-from-oceanagold#c144833

ICSID tribunal finds in favour of government of El Salvador in arbitration process

Author: OceanaGold, Published on: 14 October 2016

…OceanaGold Corporation (TSX/ASX/NZX: OGC) (the “Company”) has been advised that the arbitration tribunal constituted by the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) has found in favour of the Government of El Salvador (the “Government”) in its dispute with an OceanaGold indirect subsidiary company, Pac Rim Cayman LLC. ICSID granted an award of US$8 million to the Government of El Salvador to cover its legal fees and costs. OceanaGold inherited the arbitration process when it acquired Pacific Rim Mining Corp…Whilst disappointed, OceanaGold will review the ICSID’s ruling in detail before evaluating the next steps related to its El Salvador business unit…

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Related companies: OceanaGold Pacific Rim Mining