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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

BREAKING: Mining company threatening Costa Rica with $1 billion lawsuit

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April 4th, 2013 (InsideCostaRica.com) The Canadian mining company, Infinto Gold, has just issued an ultimatum to Costa Rica stating that if they are not allowed to resume work on the Crucitas mine in San Carlos within the next six months, the company plans on suing the country for more than $1 billion USD for breaching its free trade agreement with Canada.

 

A spokesperson for the company said it has delivered a letter to Costa Rica’s Minister of Trade, Anabel Gonzalez, warning that Costa Rica is in breach of several articles of its free trade agreement with Canada.

 

Yokebec Soto, spokesperson for the mining company, was emphatic that the company expects to be allowed to resume mining operations at the Crucitas mine, and if their demands are not met they will pursue the country of Costa Rica for more than $1 billion in damages.

 

“We believed our investment was guaranteed, our company was invited to perform (mining) operations in the country, and we will see this through regardless of the consequences,” Soto said, adding that the company has invested $92 million in the project.

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  • http://www.facebook.com/PatrickLWSmyth Paddy Smyth

    This ought to be fun to watch

  • http://www.facebook.com/trisha.spinelli Trisha Spinelli

    these trade agreements are the kiss of death for small countries such as Costa Rica. What right does this Canadian company have to rape the resources that should belong to CR?

    • georgechapogas

      buying is not raping. they bought the right to the resource and CR sold it because they did not have the resources to do it themselves. it was an open negotiation with both parties agreeing. now the stinking hippie sector wants to shut it down. lo siento, a deal is a deal. if the company does damage costa rica has the right to then collect. now they have sold the rights and should not interfere. it is called business. wanna try a world without that? starve then. oh, and another thing, no country, none, can survive without international trade.

      • http://www.facebook.com/profile.php?id=689145655 Pablo Bolaños-Villegas

        George, you are full of hate, you hate the environment, you hate that citizens stand up against greedy corporations and hate Costa Rica. I feel sorry for you.

        • georgechapogas

          pablo, i think you prove a few of the points i made. supporting the rule of law is not hateful, but you are entitled to believe any silly thing you want.

        • disgusted

          Greedy companies ! your crazy it the GREEDY government workers pocketing the money. Look at all the diputados getting for life thousands of dollars a month pensions when the average Tico makes less than $700 per month. Plus they are the ones making these deals with huge kick backs. That is why China here taking all your fish and sharks ..Pablo your idiot and those like you.

      • http://www.facebook.com/tarn.yost Tarn J. Yost

        You are an idiot. This deal was done by a few rich Ticos who had hoped to circumvent the courts and people. The reason this was shut down was from pressure by the people who were left entirely out of the process. This project should have never been allowed in the first place. An open pit mine in Costa Rica is a travesty and YOU should know better!

        • georgechapogas

          sure tarn. i am an idiot. you are a genius. i am sure you pulled the news reports and public discussions about the original deal and are an expert. what? no? you mean you are just making a fool of yourself. que lastima. typico.

    • http://www.facebook.com/PatrickLWSmyth Paddy Smyth

      The Canadian company only has the rights granted by the government. Costa Rica opened its arms to the company and took in the investment only to change the rules after the contracts were signed.

      Trade agreements and outside investment are actually the way small countries move forward.

      • georgechapogas

        well said paddy.

  • P mattingly

    Costa Rica is a dicotomy of what it wants people to think about it and what actually goes on inside the country while governed by feckless politicians. It boast of its ‘green, organic, natural, environmentally friendly, bla bla” while rivers of raw sewage destroy the environment they claim to protect and political corruption runs rampant, past presidents steal with impunity and never get punished. The government makes agreements with foreign companies to invest and create jobs and develop natural resources to have the contract ignored by the next while bubble headed environmentalists applaud the incompetent administration. 1/2 of everything the CR government spends now has to be borrowed and debt it piling up that will eventually implode the banking system. So desparate for free money was CR that politicians threw Taiwan under the bus for a more ‘rewarding’ relationship with China…a new football stadium wasn’t it? Honor seems to be left out of the equation.
    Perhaps it is time one of these companies that have invested milliions of dollars depending on the rule of law in CR that gave them the right to mine gold or to explore for oil off the coast take the country to the internation court of justice and get a judgment against CR. Defying legal agreements made is not working out too well for Argentina for the same reason.

  • Standard Tico Mentality….Sell off all the natural resources for kick-backs….same thing is happening in the fishing industry, Damn Chinese bought out the Ticos….
    All Money honey…all money

    • georgechapogas

      there is nothing wrong with selling natural resources. it is how you construct the contract that determines the net effect. if the negotiations are transparent, the environmental statements include mitigation and compensation for damage and or penalties for negligence it is a benefit to all parties. the people opposing though make none of these points, they just have silly notions about corporations, greed, green, and government. they can never pay the bills, but they want to decide how others operate.

  • http://www.facebook.com/lthorn919 Lawrence Horn

    the people voted for the agreement at the urging of Oscar and the families who control the country…now they’re screwed…another junket to China begging for more money and another nail in the closing coffin on Costa Rica

  • http://www.facebook.com/profile.php?id=1438968481 Mauricio Corleto

    Can any body tell me why everything is so expensive in costa rica, and who control prices ??? a gallon of gas is almost $6.00 and food is ridiculous, is much more worse than any latin country !!!

    • Expat CR

      What has that have to do with this article?

      • http://www.facebook.com/people/Daniela-Rosaura/100003239282826 Daniela Rosaura

        It seems to be related to the government’s shenanigans, follies and expenditures for screwed up projects (like the trocha, for example) that drive up the national debt and along with it, the cost of living here.

  • Twsaw

    Costa Rica needs their a– kicked in the world court. I hope this company sues them silly! Liberal bums have turned this country into the worst place for tourist and all Ticos.

    • http://www.facebook.com/tarn.yost Tarn J. Yost

      You sir, are a moron

      • georgechapogas

        experience with the short bus, eh tarn?

  • disgusted

    Costa Rica being run by a bunch of 8th graders mentality. Then cry to the world court how they got themselves into a jam over a contract they soon regret. Canadian company PAID for this now CR want to renig on this after they got the money. IF Gold company wins it will only be passed onto the citizen here each and every Tico going to pay higher TAXES for this.. However going to take now 10 years process..and never ending courts.

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