The Hague-based Permanent Court of Arbitration has awarded South American Silver US$18.7 million for amounts invested and another US$9 million in interest for its Malku Khota concession, which the Bolivian government revoked in 2012.
The company, now owned by TriMetals Mining
(TSX: TMI; US-OTC: TMIAF), had sought compensation for damages in the amount of US$385.7 million, which included US$ 307.2 million for all of its losses caused by Bolivia’s breaches of the U.K.-Bolivia Bilateral Investment Treaty, plus US$78.5 million in pre-award interest.
President and CEO Eric Edwards said he was “disappointed” with the outcome and said the award is “insufficient” for the silver-indium-gallium project in central Bolivia, about 300 km southeast of La Paz.
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