The claimant in the ICSID Case No. ARB/16/41, Eco Oro Minerals Corp., alleged that Colombia had expropriated its gold-silver mining project, Angostura, in the páramos, a biodiverse ecosystem in the Andes.
James Burrows and Tiago Duarte-Silva opined, inter alia, on the market value of that project and on the value of the portion of Eco Oro’s concession that had not been impacted by the páramo delimitation.
Dr. Burrows and Dr. Duarte-Silva testified at the merits hearing in January 2020. In September 2021, the Tribunal issued a decision on jurisdiction and liability, where a majority found a breach of the minimum standard of treatment under the FTA that prevented Eco Oro from applying for an environmental license to develop its mining project. At that time, the Tribunal issued a number of questions to the parties, including seeking quantum evidence to determine the damage to the claimant from this breach.
On July 15, 2024, the Tribunal issued its award in this matter, where a majority decided to award $0 to the claimant.
CRA worked with Colombia’s legal team at the Agencia Nacional de Defensa Jurídica del Estado and with Latham & Watkins.
