Costa Rica News – We will see if accountability will be placed on the government of Costa Rica. It seems they have made promises to Infinito Gold in regards to their mining project which they backed out of at a later date.
Infinito Gold and the government of Costa Rica are now going into international arbitration. The Canadian company staged the dispute with the World Bank in Washington, USA. The issue is over the Ticos refusing permission to operate a gold mine.
The mining company is requesting $93 million from the country, for the investment they made in the project. Not to mention the costs and interests accrued. They hired lawyers from Arnold & Porter, an American law firm. This representation will cost at least $1.7 million.
The arguments of both sides must be evaluated before it goes to arbitration. Costa Rica’s version of the story is that there were violations of agreements that lead to taking away the mining concession.
Costa Rica feels there were permit discrepancies and unnecessary environmental damage, while the Canadian company seeks to regain the money they invested before the project was shut down. All of the in-country options have been exhausted, so that’s why the issue is being taken internationally.