Canadian miner's complaint can proceed under El Salvador law

[Judi Lynn]

Canadian miner's complaint can proceed under El Salvador law
Reuters – 19 hrs ago...

TORONTO (Reuters) - Canadian company Pacific Rim can move forward under El Salvador law with a case against that country's government for blocking a gold mining project, but cannot file suit under a regional trade agreement, a World Bank arbitration panel ruled.

The panel, known as the International Center for Settlement of Investment Disputes, or ICSID, found Pacific Rim "did not and does not have substantial activities in the USA" to argue its case under the Central American Free Trade Agreement with the United States, or CAFTA.

The case will now move forward under El Salvador's Investment Law, which prohibits expropriation without compensation, and will be overseen by ICSID, according to the decision seen by Reuters on Saturday.

Pacific Rim is seeking millions of dollars in damages from the Salvadoran government for failing to issue the permits needed to open the El Dorado gold project.

More:
http://news.yahoo.com/canadian-miners-complaint-proceed-under-el-salvador-law-210816346--finance.html

[PDJane]

1. And I hope they lose.

Greedy buggers. These people are destructive.

[naaman fletcher]

2. One wonders why we don't see gnashing of teeth over this in the global press

as we do when Venezuela or Argentina has a battle with a foreign firm.