JUDICIAL
Legal triumph of Colombia to the mining company Red Eagle by paramo from Santurbn
El pramo de Santurbn
Colprensa
LA REPBLICA MS
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Carlos Jaramillo Palacio
Monday, March 4, 2024
An arbitral tribunal issued an award dismissing the claims for expropriation and violation of the Minimum Treatment Standard
“This is a great national triumph. We stopped the loss of territory defending our Caribbean Sea and now we managed to defend our wasteland from greed. The Nation and Life have triumphed ”, with these words in X, President Gustavo Petro celebrated that Colombia won the demand for the mining ban in the Santurbn wasteland.
This whole statement is because in the last hours, An Arbitral Tribunal confirmed that the country did not breach the Canada-Colombia FTA and endorsed the measures adopted to protect paramo ecosystems, particularly Santurbn, after a lawsuit against the State filed by a mining firm.
The Arbitration Court concluded the arbitration process initiated by Red Eagle Exploration Limited (Red Eagle) against Colombia. The process originated as a result of the prohibition of mining activity in the paramo ecosystems, specifically in the Santurbn moor In its ruling, the Court issued an award dismissing the claims for expropriation and violation of the Minimum Treatment Standard presented by Red Eagle, a mining company based in Colombia.
The decision acknowledges that the prohibition of carrying out mining activities in paramo ecosystems constitutes a legitimate exercise of Colombian law to exercise regulatory powers for the general interest, especially in matters related to the protection of the environment.
Red Eagle's lawsuit sought compensation of close to $ 130 million. They argued that the legislative, administrative, and judicial measures adopted by the Colombian authorities to prohibit mining in paramo ecosystems had impeded the development of their mining project in the area of Santurbn, constituyendo as una expropiacin indirecta de su inversin.
However, the Arbitral Tribunal accepted the defense arguments presented by the Colombian State. The decision was celebrated by the National Agency for Legal Defense of the State (Andje).
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I do not know if and if yes, how much money Red Eagle invested into Exploration works trusting on an issued licence.