Thanks to the decision of the International Centre for Settlement of Investment Disputes (ICSID), the country will avoid the payment of nearly US$ 700 million, demanded by the aforementioned corporation.

“The court determined that Eco Oro did not provide any evidence, despite being given a second opportunity to do so, of the existence of the damage allegedly suffered and, consequently, decided not to award a single dollar in compensation,” ANDJE underscored in a statement.

In its claim, the Canadian company alleged that certain measures adopted by the Colombian authorities to prohibit mining in the Santurban wasteland prevented the development of a gold exploitation project in its mining concession, which, it argued, was an indirect expropriation of its investment.

According to ANDJE, the award puts an end to a litigation of over eight years, and rejected the compensation requested, which was for US$690 million but which, when interest is added, could reach US$1.1 billion.

The court decided that Eco Oro did not provide evidence to set the value of the loss of opportunity to apply for an environmental license, and ruled that the costs of remediation of the mining concession should be borne entirely by the company.

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