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Tribunal orders Colombia to repay Glencore only US$19M in Prodeco coal lawsuit

The World Bank's International Center for Settlement of Investment Disputes ordered Colombia to repay a US$19 million fine levied to Glencore PLC in January 2016 over its Prodeco coal mine in the country, Reuters reported Aug. 28.

Colombia will also have to pay interest on the fine and reimburse the company for US$1.69 million in legal expenses.

The tribunal rejected all the company's other demands, including a petition for an additional US$575 million in damages, according to Colombia's national agency for judicial defense.

The company was previously fined for incorrectly calculating the royalties that it had to pay on its Prodeco contract.

The tribunal's decision stated that comptroller's manner of calculating the damage caused by the contract problems was "unreasonable" and had "impaired" Glencore's investment in Colombia.

Recently, a U.S. federal appeals court revived lawsuits accusing Glencore and other companies of colluding by curtailing aluminum supply in order to inflate prices for the commodity.