Colombia On The Hook For $19.1M In Glencore Mining Fight
Law360 (August 28, 2019, 8:43 PM EDT) -- An international tribunal has ordered Colombia to repay Glencore $19.1 million following a dispute over royalties due under a coal mining concession, while rejecting the Anglo-Swiss commodities giant's alternative claim for $575 million.
Glencore alleges in the arbitration that Colombia wrongly interfered with the concession when it sought to annul a 2010 amendment to the deal that reduced the amount of royalties due to the country in exchange for an increased investment from the concession holder, a Colombian Glencore subsidiary called CI Prodeco SA. Colombia had subsequently assessed a $19.1 million bill on Prodeco for allegedly damaging the country's finances....
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