Eco Oro Minerals (CSE: EOM) is seeking an annulment of a recent tribunal ruling that awarded the company no damages in its arbitration case against the Republic of Colombia over the loss of its mining concessions.
In 2012, Colombia’s national mining agency decided not to renew most of the mining concessions held by the company at its Angostura gold property in Santander province due to environmental concerns. The decision was also backed by a constitutional court ruling.
According to Colombian authorities, the main deposit at Angostura is located in an area called the Santurban páramo that is protected under law.
Eco Oro in 2016 proceeded to fight the decision by bringing the case to the International Centre for Settlement of Investment Disputes (ICSID), arguing that the Colombian government restrictions amounted to an indirect expropriation of its investment.
The World Bank tribunal acknowledged in 2021 that the Colombian government had violated its free trade agreement with Canada with respect to its treatment of Eco Oro’s Angostura project, but requested further information before deciding on the potential damages.
Eco Oro had been seeking as much as $764 million in damages in the arbitration, stating that it had already invested $250 million and been working on the project since the late 1990s. The company, formerly known as Greystar Resources, has no other mining projects.
No damage ruling
On July 15, 2025, the ICSID issued a ruling that awarded no damages to the company, a decision which the company says is “internally contradictory and disregards the evidentiary record.”
In response, Eco Oro has applied for an annulment of this ruling. The application will be reviewed by a three-member ad hoc committee appointed by the chairman of the ICSID administrative council.
The annulment proceeding, the company says, is anticipated to take approximately 18 to 36 months from the date of registration.
To fund the arbitration efforts and fund ongoing operations, Eco Oro has arranged a $4.5 million financing backstopped by GrayWolfe Capital and other investors.
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Eco Oro Minerals (CSE: EOM) is seeking an annulment of a recent tribunal ruling that awarded the company no damages in its arbitration case against the Republic of Colombia over the loss of its mining concessions.
In 2012, Colombia’s national mining agency decided not to renew most of the mining concessions held by the company at its Angostura gold property in Santander province due to environmental concerns. The decision was also backed by a constitutional court ruling.
According to Colombian authorities, the main deposit at Angostura is located in an area called the Santurban páramo that is protected under law.
Eco Oro in 2016 proceeded to fight the decision by bringing the case to the International Centre for Settlement of Investment Disputes (ICSID), arguing that the Colombian government restrictions amounted to an indirect expropriation of its investment.
The World Bank tribunal acknowledged in 2021 that the Colombian government had violated its free trade agreement with Canada with respect to its treatment of Eco Oro’s Angostura project, but requested further information before deciding on the potential damages.
Eco Oro had been seeking as much as $764 million in damages in the arbitration, stating that it had already invested $250 million and been working on the project since the late 1990s. The company, formerly known as Greystar Resources, has no other mining projects.
No damage ruling
On July 15, 2025, the ICSID issued a ruling that awarded no damages to the company, a decision which the company says is “internally contradictory and disregards the evidentiary record.”
In response, Eco Oro has applied for an annulment of this ruling. The application will be reviewed by a three-member ad hoc committee appointed by the chairman of the ICSID administrative council.
The annulment proceeding, the company says, is anticipated to take approximately 18 to 36 months from the date of registration.
To fund the arbitration efforts and fund ongoing operations, Eco Oro has arranged a $4.5 million financing backstopped by GrayWolfe Capital and other investors.