The World Bank’s International Centre for Settlement of Investment Disputes rejected the mining company’s attempt to annul the court’s March 2011 ruling, which favored El Salvador, explained Martinez.
The ruling “saves the country from paying US$100 million which the mining company demanded in compensation for the revocation of its environmental permits for a mine” which produces precious metals, the attorney said in a press conference.
Martinez explained that Commerce Group’s suit “was won in the first instance by El Salvador in March 2011,” but on July 11th of this same year, the mining company “brought a suit to annul it, which has now been resolved” in the country’s favor.
Commerce Group has been mining precious metals in El Salvador since 1968. However, at the end of 2006, the government of El Salvador revoked Commerce Group’s environmental permits and did not renew its exploration licenses.