The World Bank’s International Centre for Settlement of Investment Disputes ruled in favour of Colombia in a feud with Canada’s Montauk Metals – previously Galway Gold -, after finding that the mining ban imposed by the Gustavo Petro administration on theMontauk contended that Colombia breached obligations owed to the company, such as refusal or failure to compensate it for the losses incurred at the Reina de Oro gold project, following the nation’s decision to prohibit mining in Santurbán.
filed by Canada’s Red Eagle Exploration Limited against Colombia, for the prohibition of mining in the Santurbán headwaters. The tribunal concluded that Colombia had not acted in violation of the Minimum Standard of Treatment, nor was it shown that Colombia had indirectly expropriated Red Eagle’s mining concessions, as the company alleged in its claim.