Mayaniquel to launch US$100mn arbitration claim against Guatemala – reports

The shareholders of mining company Mayaniquel want to begin a process of international arbitration against Guatemala, citing the government’s failure to approve its export permit, company executives were reported as saying by local media.

The formal notification of the international claim was submitted to the economy ministry (Mineco) on June 13 and, according to the procedure, there is a six-month window for conciliation. 

If no agreement is reached within that time, the case could proceed to arbitration, said Estuardo Asturias, Mayaniquel’s corporate affairs director and general counsel.

Mineco said that the request for consultations and arbitration was submitted by Swiss company International Metal Supply Holding on behalf of its Guatemalan subsidiary, Mayaniquel.

The claim amounts to approximately US$100mn, plus additional legal costs, Mineco was reported as saying by Prensa Libre.

Although Mayaniquel's mining license was reactivated by the energy and mines ministry (MEM) in August 2024, the company remains unable to resume operations because 70% of the material produced is destined to be shipped abroad and the export permit has not yet been issued, Mayaniquel claims.