Guatemala aims to settle US$300mn Tambor arbitration claim
Guatemala will seek to settle a US$300mn arbitration claim by Kappes, Cassiday & Associates relating to the suspension of its Tambor gold mine.
"We are facing this risk and we see this case as an uphill battle," economy minister Acisclo Valladares was quoted as saying by local news website aguasdigital, citing news agency EFE.
Kappes lodged its arbitration claim with the World Bank's settlement of investment disputes center (ICSID) in December.
A notice of arbitration, seen by BNamericas last May, claims Tambor was suspended as a result of arbitrary and unfair acts and omissions by the state.
Production at the gold asset, also known as Progreso VII, began in 2014 but was suspended by a definitive injunction granted by the supreme court two years later.
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