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Minera IRL arbitration gets green light

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Minera IRL arbitration gets green light

Arbitration between junior developer Minera IRL Ltd. and Corporación Financiera de Desarrollo SA, a Peruvian development bank, is set to go ahead.

Minera IRL said the bank, known as COFIDE, had objected to the request for arbitration, which Minera IRL made back in June, but the Superior Council of Arbitration of the Chamber of Commerce of Lima rejected COFIDE's arguments.

It is not clear what is at stake in arbitration, but Minera IRL and COFIDE are locked in a dispute over a loan the development bank had once promised the junior developer to help fund its Ollachea gold project.

Meanwhile Minera IRL also said it had filed a criminal complaint against some COFIDE officers and others parties in relation to the debt agreement. Minera IRL said had become "aware of irregularities at COFIDE" that prevented it from "honoring its commitments" to structure the US$240 million debt package Mineral IRL had hoped would finance Ollachea.

COFIDE had also named Minera IRL in a lawsuit, the junior developer said.

A start date for the arbitration has not yet been set. "The formal announcement of the arbitration panel is expected in the coming days," Minera IRL said.