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Pacific Rim wins first round in legal fight with El Salvador

Tuesday, August 3, 2010

Canadian miner Pacific Rim claims to have won a favorable decision on international arbitration seeking that the El Salvador government return at least $77 million in investment due to the delays imposed on its El Dorado gold project.

Pacific Rim alleged violation of the Cafta free trade agreement with the US. In January, El Salvador filed arguments in support of a preliminary objection that sought to dispose of nearly all of the case.

But the tribunal at the International Center for Settlement of Investment Disputes, which is hearing the investment claims, ruled in favor of Pacific Rim in a decision on August 2, the company said.

Original source: Reuters