Intl. organizations condemn Eco Oro Minerals’ plans to start arbitration vs. Colombia over efforts to protect water sources

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14 March 2016

Organizations condemn Eco Oro Minerals’ warning that it could sue Colombia over efforts to protect water sources

Author: Interamerican Association for Environmental Defense (AIDA), Committee in Defense of the Water & Páramo of Santurbán, Center for International Environmental Law (CIEL), MiningWatch Canada, Centre for the Investigation of Multinational Corporations (SOMO)

Civil society organizations condemn Eco Oro Minerals’ announcement that it will initiate international arbitration against the Colombian state. Eco Oro has stated its intention to sue Colombia under the investment chapter of the Canada Colombia Free Trade Agreement over measures that the Andean state has taken to protect the Santurbán páramo and páramos around the country from harmful activities such as large-scale mining. Eco Oro Minerals’ Angostura proposed gold mine in Santurbán has financial backing from the World Bank’s International Finance Corporation. The company argues that it will lose money because of the demarcation of the páramo and the recent decision from the Constitutional Court of Colombia reaffirming the prohibition against mining in all Colombian páramos...The páramos are the source of 70% of the fresh water that is consumed in Colombia and are essential for mitigating climate change.

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7 March 2016

Eco Oro Minerals Notifies Colombian Government of Investment Dispute

Author: Eco Oro Minerals Corp.

Eco Oro Minerals Corp. ("Eco Oro" or the "Company") announces that the Company has formally notified the Government of Colombia (the "Government") of the existence of a dispute between Eco Oro and the Government under the Free Trade Agreement between Canada and Colombia (the "Free Trade Agreement").  The dispute has arisen out of the Government's measures and omissions, which have directly impacted the rights granted to Eco Oro to explore and exploit its Angostura Project. The measures and omissions that have affected Eco Oro include (without limitation) the Government's unreasonable delay in clarifying the limits of the Santurbán Páramo and whether it overlapped with the Angostura Project and its persistent failure to provide clarity as to Eco Oro's right to continue developing its mining project…Eco Oro remains open to continue amicable discussions with the Government with a view to the prompt settlement of this dispute.

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