Uruguay Secures Win Over $4B Mining Project Claim

By Caroline Simson (August 7, 2020, 7:55 PM EDT) -- An international tribunal has tossed a $4 billion claim targeting Uruguay over regulatory changes that allegedly forced the closure of a significant iron ore mining project, concluding it lacks jurisdiction because the claimants did not own the project in question.

The tribunal ruled unanimously on Thursday that the claim could not proceed on the merits, because the claimants were not the owner of the Valentines iron ore project, according to Foley Hoag LLP, which represented the country in the dispute. The mine would have been the largest in Uruguay's history, the firm said.

The tribunal concluded that the claimants — Ritika...

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