OceanaGold's Pac Rim subsidiary chided by World Bank disputes body over El Salvador arbitration

Sun, 16 Oct 2016

By Jonathan Underhill Oct. 17 (BusinessDesk) - OceanaGold's Pac Rim Cayman subsidiary has been ordered to pay US$8 million to El Salvador to cover the country's legal fees and costs in a long-running arbitration after the mining company failed to obtain an exploitation concession. The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) found in favour of the government of El Salvador in the case brought by Pac Rim, which OceanaGold described as an indirect subsidiary. OceanaGold has owned Pac Rim since acquirin...

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