Anglo American Files for Arbitration Over Venezuela Concession
Anglo American Plc (AAL), which mines minerals including nickel and diamonds, filed April 10 for arbitration over a mining concession in Venezuela, according to the website of the International Centre for Settlement of Investment Disputes.
Mining operations stopped at Anglo American’s Venezuelan subsidiary Minera Loma de Niquel in 2012 after the government failed to approve its request to renew its concessions. The operation accounted for 13,400 metric tons of the London-based company’s 29,100 tons of nickel production in 2011.
Anglo American held a 91.4 percent stake in Loma de Niquel at the end of 2011, Anglo American said in that year’s annual report. The mine’s proved and probable ore reserves totaled 4.6 million metric tons, it said.
The World Bank court didn’t provide details of the filing. Anglo American didn’t immediately reply to an e-mail message sent after office hours.
Venezuela’s government officially requested to leave the Washington-based arbitration court in January 2012 after being a member since 1993, and companies face a July 25 deadline to file new suits.
Former President Hugo Chavez, who died in March 2013, had said Venezuela wouldn’t accept any rulings from the arbitration court. The South American country has at least 20 cases pending at the forum, according to the website.
To contact the reporter on this story: Jose Orozco in Caracas at email@example.com