The Latham statement about the decisionQuote:
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Following comprehensive briefings, a hearing on jurisdiction and the merits was held at the World Bank in Washington, D.C. in January 2020. In September 2021, the Tribunal issued a decision on jurisdiction and liability, finding by majority that Colombia’s measures to protect the pramo did not constitute expropriation. The Tribunal majority concluded that the prohibition of mining activities in pramo ecosystems constituted a legitimate exercise of the Colombia's regulatory powers to protect the general interest, especially in matters relating to environmental protection, and recognised the fundamental role of pramos as water sources and regulators of water cycles in the fight against climate change. However, a different majority of the Tribunal found that certain aspects of Colombia’s implementation of the mining ban breached the minimum standard of treatment under the FTA, preventing Eco Oro from applying for an environmental license to develop its mining project. The Tribunal also noted that it had no evidence on record to determine the loss resulting from Colombia’s breach of the minimum standard of treatment and opened an additional phase of the arbitration to address this issue. After further extensive briefing, the Tribunal rendered its final award on July 15, 2024, declining to award any damages to Eco Oro. The Tribunal accepted Latham’s arguments that Eco Oro had failed to prove that it would have secured an environmental license but for Colombia’s breach, and that the lost opportunity to apply for such a license had any value.
With this victory Latham has now successfully defended all three claims brought in relation to Colombia’s ban on mining in the pramos, thereby avoiding Colombia over US$1.5 billion in potential liability....
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source: https://www.lw.com/en/news/2024/07/republic-of-colombia-achieves-third-victory-in-paramos-mining-ban-dispute
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Markings added by me. Strange silence in the public about a decision with such a potential $ value magnitude. Not mentioned: Failure of Colombia to deliver legal valid mapping of the Paramo for many years until now. Where is a Freshfield statement about this more than 1 billion $ decision ?!