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TriMetals Mining Inc.’s Subsidiary, South American Silver, Awarded Approximately US$28 million (including interest) in Arbitration Proceedings against the Government of Bolivia
DENVER, Nov. 23, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI) (OTCQX:TMIAF), (the “Company”), announces that on November 22, 2018, an Arbitration T
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[{"type":"text","content":" DENVER, Nov. 23, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI) (OTCQX:TMIAF), (the “Company”), announces that on November 22, 2018, an Arbitration Tribunal of the Permanent Court of Arbitration in The Hague, Netherlands, issued an award awarding the Company’s wholly-owned Bermudan subsidiary, South American Silver Limited (“South American Silver”) US$18.7 million in amounts invested and approximately US$9 million in interest thereon running from August 1, 2012 to present, for a total of approximately US$28 million (the “Award”). The Award relates to South American Silver’s claims against the Plurinational Government of Bolivia (“Bolivia”) arising from Bolivia’s unlawful expropriation of South American Silver’s investments in the Malku Khota silver-indium-gallium project (the “Malku Khota Project”). South American Silver, which the majority of the Tribunal confirmed to be a protected investor under the bilateral investment treaty between the Government of the United Kingdom and Bolivia for the Promotion and Protection of Investments (the “Treaty”), despite Bolivia’s objections to jurisdiction and the dissent of the arbitrator appointed by Bolivia in this regard, commenced formal arbitration proceedings on April 30, 2013 under the Arbitration Rules of the United Nations Commission on International Trade Law (“UNCITRAL”) in respect of Bolivia’s breaches of the Treaty, including the requirement to pay prompt, just and adequate compensation for the unlawful expropriation of the Malku Khota Project, provide fair and equitable treatment to South American Silver’s investment and provide full protection and security to foreign investors and their investments. On May 23, 2013, the Company entered into an agreement with a third-party funder (the “Fund”), to fund South American Silver’s future costs and expenses related to the arbitration proceedings. The Fund specializes in the funding of international arbitration proceedings and in providing assistance with the enforcement of arbitration awards. This non-brokered funding was made on a non-recourse basis and includes costs and expenses of the enforcement of any award rendered by the Arbitration Tribunal. In consideration for the funding, the Company and South American Silver will pay to the Fund a portion of the monies received from Bolivia resulting from ...