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Mining Company Sues Costa Rica for $1.1 billion

Source: M.centralamericadata.com

June 27, 2013

After the final decision by the Constitutional Court dismissing their claims, Industrias Infinito has announced it will continue litigation in international tribunals.
“Industrias Infinito turned to international arbitration with the International Centre for Settlement of Investment Disputes and Investment Disputes (ICSID) in April, the company is asking the State to pay $1.092 billion in compensation for halting the mining concession”, reported Nacion.com.

According to Yokecbec Soto, a spokeswoman for the company, they now have a “clear path” to continue an international suit, since one of the requirements was that there was no pending proceedings. “Now we will carry on with the normal process in the ICSID, what happened last week has not stopped us rather it opens the way us to carry on with the international suit,” he said.

Soto added that the State of Costa Rica has until October to respond to the notice of arbitration.

 

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