Chile rejects Tianqi’s appeal for vote in SQM-Codelco lithium deal
Chile's financial regulator had allowed a planned lithium joint venture between SQM and Codelco to proceed without a vote by SQM shareholders.
Bolivia’s Attorney General announced that the Permanent Court of Arbitration ruled in favour of the country by denying any compensation to US-based Orlandini Mining Company in the case related to the reversal of its concessions.
Talking to local media, Attorney César Siles said that the tribunal upheld Bolivia’s defence and rejected the plaintiffs’ claims, thus saving the Andean nation about $500 million in damages.
The case was presented before the PCA in January 2018, when the estate of the owner of the Orlandini Mining Company filed an international lawsuit accusing Bolivia of illegally expropriating the firm’s tin assets in the country.
The lawsuit tried to replicate a similar one presented by Glencore, which obtained $253 million after the Permanent Court of Arbitration ruled that Bolivia breached a UK-Bolivian treaty when it nationalized Glencore’s mines.
However, in the case of the Orlandini Mining Company, the court ruled that Bolivia hadn’t violated the 2001 investment treaty between the Government of the United States of America and the Government of the Republic of Bolivia concerning the Encouragement and Reciprocal Protection of Investment when it reversed the firm’s mining concessions dating back to the 1980s.
“The most important thing is that the case cannot be revised,” the Attorney General said. “The Tribunal’s ruling has been issued and it favours Bolivia.”
Siles pointed out that his government will probably have to bear half of the costs of litigation, established at $600,000. He also noted that, in compliance with the principle of confidentiality, the complete content of the arbitration award, which does not differ from the substantive decision, will be shared with the parties at a later time.
