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Eco Oro seeks international arbitration against Colombia over Angostura project

Eco Oro Minerals Corp. on Dec. 9 said it filed an arbitration request with the World Bank's International Centre for Settlement of Investment Disputes against Colombia related to the dismissal of its rights to the 3452 concession, part of the Angostura gold-silver-copper project.

In March, Eco Oro disputed against the Columbian government over certain "measures and omissions" that directly impacted the company's rights over the Angostura project.

The government, through the Colombian Agencia Nacional de Mineria, on Aug. 2 passed a resolution that deprived the company of 50.73% of its rights at the concession.

Eco Oro fears that the Constitutional Court and National Mining Agency will try to further reduce the project area.

"The result of Colombia's measures is that resources remaining in Concession 3452 that could potentially be accessed are insufficient to justify the significant investments required to develop an underground mine," Eco Oro noted.

The company said it has invested more than US$250 million to develop the deposit by completing over 360,000 meters of drilling and 3,000 meters of underground development. The company also declared resources for the project, compared to none, and doubled those resources between 1999 and 2015.

The company has yet to decide the damage claim amount in the arbitration.