The Canadian mining company paid El Salvador $8,097,072, a figure determined by the International Centre for the Settlement of Investment Disputes (ICSID) in October 2016, after finalizing the arbitration process that the company held against El Salvador.

The debt was paid by Minerales Torogoz S.A., Salvadoran subsidiary of Pacific Rim Cayman LLC, now owned by Oceana Gold.

The Salvadoran State reached an amicable settlementwith Pacific Rim-Oceana Gold after undergoing a long litigation with the company for suspending mining in the country. To follow the settlement, the mining company paid the debt. However, its El Dorado Foundation and Minerales Torogoz continue to work in the region.

This agreement goes against the wishes of a large part of the population of Cabañas, who were hoping the mining company would pay the $8 million dollars and leave the department with their foundations.

Minerales Torogozes ignored this wish and committed to allocating the area for other uses, focusing on agriculture, entrepreneurship, and sustainable living.

We are pleased this matter has been resolved amicably. We will support productive options in the area to help keep local families together,said Ericka Colindres, president of Torgoz.

Many communities believe the mining company is only waiting for the political scene to change in its favor during the next municipal and legislative elections, so that the Prohibition Law can be annulled or reformed.

 

 

Community Organizing and Accompaniment Program
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Sustainable Agriculture
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The Sustainable Agriculture Program facilitates trainings and the application of organic agriculture techniques, gradually advancing...
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Using a watershed management and planning approach, ADES’ Water Resources Management Program accompanies communities in the following processes...
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By ASOTICO Santa Marta
Asociación para las Tecnologías de la Información y la Comunicación Comunal

 

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