Silence is broken!!!Just out from the companies MD&A Sedar report filed this evening. Below is the first bit of news that we have been waiting for four years for.
It appears that we have a significant award (why else would the Bolivian judge try to squirm his way out of the final award process.
Comments from any B shareholders would be appreciated.
Under the existing ground rules for our arbitration, if a judge bows out, the remaining judges can take over and issue the award.
This is very exciting, don't you think???
Arbitration claim against the Bolivian government for the expropriation of the Malku Khota project
On October 23, 2012, the Company’s wholly-owned Bermudian subsidiary, South American Silver Limited (“SASL”), delivered a formal letter to the State of Bolivia notifying it of an investment dispute between the Company and Bolivia. The dispute has arisen as a result of acts and omissions of the Government of Bolivia including the issuance of Supreme Decree No.1308 on August 1, 2012. The Decree revoked mining concessions held by the Company’s Bolivian subsidiary, Compaia Minera Malku Khota S.A. (“CMMK”), a wholly-owned subsidiary of SASL.
SASL seeks monetary compensation for damages in the amount of $385.7 million which includes $307.2 million for all of its losses caused by Bolivia's breaches of the UK-Bolivia Treaty, plus $78.5 million in pre- award interest but excludes fees and costs incurred in connection with the arbitration proceeding.
On July 12, 2018, the Arbitral Tribunal informed the Parties that it had completed the award, that it had been transmitted to the Permanent Court of Arbitration (“PCA”), that the award was being translated and that it expected to issue the award by no later than August 2018.
On August 2, 2018, one of the arbitrators advised that he had seriously fallen ill and was unable to continue with the arbitration. On August 7, 2018, SASL wrote to the PCA and to the Arbitral Tribunal seeking confirmation that this illness would not affect the expected timing for the issuance of the award. On August 12, 2018, Bolivia wrote to the PCA requesting that a replacement arbitrator to be appointed and that the reconstituted Tribunal consider the possible repetition of the hearing and subsequent stages of the arbitration. In response, on August 14, 2018, SASL wrote to the PCA and to the Arbitral Tribunal objecting to Bolivia’s requests and noting that, if necessary, Articles 14(2) and 34(4) of the 2010 UNCITRAL Rules expressly permit the two other arbitrators to sign and issue the award.
The President of the Tribunal responded to both Bolivia and SASL on August 14 requesting that the Parties refrain from presenting further submissions on this matter without prior instructions from the Tribunal and indicating that the Arbitral Tribunal will revert to the Parties shortly.
TMI will provide additional information as it becomes available.