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Eco Oro files Memorial in arbitration against Colombia
Eco Oro files Memorial in arbitration against Colombia Canada NewsWire VANCOUVER...
About this update from Eco Oro Minerals Corp.
[{"type":"text","content":"\n\n\n\nEco Oro files Memorial in arbitration against Colombia\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 20, 2018\n\n\n\nVANCOUVER, March 20, 2018 /CNW/ - Eco Oro Minerals Corp. (\"Eco Oro\" or the \"Company\") (CSE: EOM) has filed a memorial on the merits (the \"Memorial\") with the World Bank's International Centre for Settlement of Investment Disputes (\"ICSID\") in its arbitration (the \"Arbitration\") against the Republic of Colombia (\"Colombia\"). \n\nEco Oro is seeking USD$764 million as compensation for the damages it has sustained as a result of Colombian State measures that have destroyed the fair market value of Eco Oro's investments in the Colombian mining sector and deprived Eco Oro of its rights under its principal mining title, Concession Contract 3452 (\"Concession 3452\"), comprising the Angostura gold and silver deposit (the \"Project\"). \n\nEco Oro was one of the first foreign mining companies to invest in Colombia's gold mining sector. The Company has invested over US$250 million to develop the Project. As a result of these investments, Eco Oro declared resources for the Angostura deposit where none existed before and the deposit is now one of the largest in Colombia. Eco Oro made these investments in reliance on Colombia's commitments in its mining titles, including Concession 3452, that were stabilized pursuant to Colombian law. The Colombian Government made repeated assurances of support for the Project, even declaring it to be a \"project of national interest\". Eco Oro itself has been lauded for its social programs and its environmental practices, receiving awards both internationally and from the Colombian authorities. In December 2014, the Colombian government issued Resolution 2090 for the first time delineating the Santurbán Páramo in the vicinity of the Project. Although the Resolution restricted mining in the newly designated Páramo, it exempted certain pre-existing mining concessions, such as Eco Oro's Concession 3452.\n\nNotwithstanding these commitments and assurances, the C...