OceanaGold Corporation loses El Salvador court case

Company News

by Jessica Ellerm


OceanaGold Corporation (ASX:OGC) has announced it has lost its compensation case against the El Salvador Government.

On Friday an arbitration tribunal made up of the World Bank’s International Centre for Settlement of Investment Disputes ordered the mid-tier miner to cover the Government of El Salvador’s legal fees and costs to the tune of US$8 million.

OceanaGold inherited the arbitration process when it acquired Pacific Rim Mining Corporation in November 2013.

The company has indicated it will review the body’s ruling before making any future decisions relating to its El Salvador business unit.

OceanaGold Corporation posted a net profit of $72.6 million at 31 December 2015.

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