VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) -- Eco Oro Minerals Corp. (CSE:EOM) (“Eco Oro” or the “Company”) announced today that the arbitral tribunal (the “Tribunal”) constituted under the auspices of the World Bank’s International Centre for Settlement of Investment Disputes (the “ICSID”) has issued a 2-1 majority award on damages (the “Award on Damages”), with a dissenting opinion, awarding the Company no damages in relation to arbitration claims filed against the Republic of Colombia pursuant to the investment protection chapter of the Free Trade Agreement between Canada and Colombia (the “Treaty”). This follows a Decision on Jurisdiction, Liability and Directions on Quantum issued by the Tribunal on September 9, 2021 pursuant to which the Tribunal found that Colombia breached Article 805 of the Treaty in its treatment of Eco Oro’s investment in the Angostura gold and silver mining project located in northeastern Colombia, which Eco Oro was pursuing in connection with Concession Contract 3452 (the “Decision on Liability”).
The Company strongly disagrees with the Tribunal majority's Award on Damages, considering it deeply flawed, in direct contradiction to the original majority opinion of the Decision on Liability, and inconsistent with an objective assessment of the evidence presented. The Company is currently analyzing the Award on Damages with its legal advisors and evaluating its options. Any material developments will be announced by way of future press releases.
Company Profile
Eco Oro is a publicly-traded company and its arbitration against the Republic of Colombia is its core focus.