Public Info from SEDAR on NAFTA Issue
From PPR December 31, 2018 AIF filed March 27, 2019 on SEDAR
In September 2013, LPRI commenced arbitration proceedings under the North American Free Trade Agreement ("NAFTA") against the Government of Canada for actions taken by the Government of Quebec in 2011 to cancel, without compensation, oil and gas mining rights under a portion of the Saint Lawrence River –including an exploration permit covering 33,460 acres previously held by LPR Canada. LPRI believes that the cancellation was a violation of NAFTA by Quebec, including Articles 1105 (Minimum Standard of Treatment) and 1110 (Expropriation) thereof, for which the federal government is responsible, and seeks monetary damages to compensate for its sunk costs and lost development opportunity. The Government of Canada defended the claim. A 10-day hearing before a NAFTA tribunal was completed in October 2017 with closing arguments heard in November 2017. There have been no further developments, and the parties continue to await the tribunal's decision. There can be no assurance as to the outcome of the proceedings, either with respect to the tribunal's conclusions on the substantive merits of the claim or any determination of compensation thereunder.