Eco Oro Minerals Corp C.EOM

Gabriel ICSID extension

[MacBook]

https://www.morningstar.com/news/accesswire/818859msn/gabriel-resources-ltd-update-on-icsid-arbitration

Gabriel Resources Ltd. Update on ICSID Arbitration

Provided by Accesswire

Dec 20, 2023 11:01 AM EST

Gabriel Resources Ltd. (TSXV: GBU - "Gabriel" or the "Company") previously announced that the proceedings in its World Bank International Centre for Settlement of Investment Disputes ("ICSID") claim against Romania had been declared closed by the arbitral tribunal (the "Tribunal") on September 14, 2023.

According to Rule 46 of the ICSID Arbitration Rules, the Tribunal must issue its final decision ("Award") to the parties within 120 days of the closure of the proceedings, provided however that the Tribunal may take a further 60 days if it is otherwise unable to draw up the Award in such timeframe.

The Tribunal has today notified the parties that, in accordance with Arbitration Rule 46, it has extended the period to draw up and sign the Award for a further 60 days. Accordingly, the Tribunal must issue the Award on or before March 12, 2024.

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated, "This further potential delay to the issuance of a decision by the Tribunal is frustrating to all stakeholders, however we hope the decision is made earlier than the final deadline date."

[TiredofWating]

So what is the hold up with EOM????   

[rdpsims]

That's my question too.  When do we expect a conclusion to this disaster?

[oldtimer42]

We have been waiting ever since we won the arbitration over a year ago and we are just awaiting the amount of the award. There has to be more than the award amount holding it up. The arbitration board  is always hopeful for a negotiated settlement but without doubt EOM tried many times to reach a deal with Colombia but that was hopeless. I suppose there is potential for a third party to get

[sailor8]

Gustavo Petro’s approval hits rock bottom   It is certainly not only a legal question but also a political question, when ICSID will either excecute or Colombia agrees to a reasonable solution including the Soto Norte project.   Time is working against the extreme leftists in Colombia. It seems the powers of leftest  (with connections to organized criminals) are melting away

[MacBook]

If a deal is to be had, it would need a defination of the paramo and restart of mining activities outside the paramo line.  California and Vetas are still on standby.  May explain colombia ICSID legal's offer to delay.  glta

[oldtimer42]

It is a shame we have rely on an incompetent and corrupt government to resolve the EOM situation. At a minimum we have the arbitration decision in our pocket. However, Government greed may resolve this in our favour once they realize the revenue from mining operations are far more attractive than paying out a healthy award to EOM.