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Pressure grows on mining giant to pay $8 million to El Salvador

Author: teleSUR (Venezuela), Published on: 21 February 2017

Over 280 organizations from around the world sent an open letter to Canadian-Australian mining giant OceanaGold on Tuesday, demanding that the company adhere to an earlier ruling by a World Bank body that ordered the company to pay the government of El Salvador US$8 million after a years-long legal battle.  OceanaGold, formerly Pacific Rim, was given 120 days to either to pay the US$8 million fine...a deadline which ran out last week.  In October, the International Center for Settlement of Investment Disputes, ICSID, which handles investor-state disputes, rejected a claim from the company that it had lost profits after the Salvadoran government refused to grant a concession for the El Dorado gold mine...This is the long-running legal battle against the company, which is still aiming to operate in the country despite the controversy...The company then took El Salvador to the ICSID in 2009 over what it argued was an infringement on its future profits...The ICSID ruling against the company came as a surprise because the tribunal has previously been criticized as a “kangaroo court” favoring the interests of corporations over states and Indigenous communities and environmental groups...

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Related companies: OceanaGold Pacific Rim Mining