Chairperson appointed in South American Silver arbitration proceedings
TORONTO (miningweekly.com) – A chairperson has been appointed to the three-person arbitration tribunal in the international arbitration case between South American Silver (SAS) and the Bolivian government.
TSX-listed SAS on Monday said it was a critical step forward in the dispute stemming from acts of the Bolivian government, including the issuance of Supreme Decree No 1308 on August 1, 2012, which revoked without compensation mining concessions held by Compañía Minera Malku Khota, a fully owned subsidiary of SAS, and the Malku Khota silver/indium project.
SAS said it was a protected investor under the bilateral investment treaty between the UK and Bolivia, and the actions of the Bolivian government were in violation of that treaty and of international law.
Bolivia had been involved in over 15 ‘nationalisations’, the majority of which took place after President Evo Morales came to office. A number of the cases had reached negotiated settlements and at least five others were pending.
“Substantive advances in the process are expected in 2014, with a major step forward being the expected submittal of SAS’s statement of claim. Following this, Bolivia will submit its statement of defence and each party will have the opportunity to reply to each other's submissions.
“There will then be an oral hearing in front of the Arbitration Tribunal. It is expected that the arbitration could take up to several years from commencement of proceedings until rendering of a final award; hence, any actual cash award, if there is one, would not be expected for some time and not in 2014,” SAS founder Ralph Fitch, who was in December reappointed as president and CEO, said.
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