Almaden Minerals Advances Arbitration Case Against Mexico
Almaden Minerals Makes Progress In Arbitration Update
Almaden Minerals Ltd. (TSX: AMM, OTCQB: AAUAF) has provided an important update regarding its international arbitration proceedings with Mexico, focusing on the Ixtaca precious metals project. The arbitration falls under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This case highlights the company’s commitment to safeguarding its interests following disturbances affecting their significant investments.
Understanding the Claim and Project Background
Alongside its partner Almadex Minerals Ltd., Almaden is pressing forth with its claims. Before the unexpected actions taken by the Mexican government, Almaden owned the entirety of the Ixtaca project, while Almadex maintained a royalty interest. This joint approach signifies a strong united front in the face of external challenges.
Recent Developments in the Proceedings
On July 7, following the submission of their Memorial document, Mexico sought a separation of the proceedings known as Bifurcation. This would have allowed the arbitration panel to first address Mexico's jurisdictional objections before discussing the core merits of the case. However, the panel rejected this request, a significant win for Almaden and Almadex.
Legal Considerations and Next Steps
The rationale behind Mexico's Bifurcation request was perceived by the Claimants as lacking basis and an attempt to stall the ongoing proceedings. The dismissal of this request paves the way for a more straightforward arbitration process, enabling both parties to advance their positions without unwarranted delays.
Board's Commitment to Transparency
In light of the recent decision by the arbitration panel, Almaden anticipates providing further updates regarding the arbitration schedule in the coming months. This level of transparency reinforces the board’s commitment to keeping their stakeholders informed amidst ongoing challenges.
On behalf of the Board of Directors,
J. Duane Poliquin,
Chair,
Almaden Minerals Ltd.
Frequently Asked Questions
What is the main purpose of Almaden's arbitration case against Mexico?
Almaden is pursuing arbitration to address the loss of investment resulting from actions taken by the Mexican government, specifically related to the Ixtaca project.
What does Bifurcation mean in the context of arbitration?
Bifurcation refers to separating the proceedings into two phases, which primarily focuses on procedural matters before delving into the merits of the case.
Who are Almaden's partners in the arbitration claim?
Almaden is collaborating with Almadex Minerals Ltd. in this arbitration process regarding the Ixtaca project.
When can stakeholders expect updates on the arbitration process?
Almaden has indicated that updates regarding the timing of arbitration proceedings will be shared in the fourth quarter.
How does this arbitration affect Almaden's future projects?
The outcome of the arbitration could significantly impact Almaden's ability to recover investments and proceed with future explorations or projects in Mexico.
Contact Information:
Almaden Minerals Ltd.
Tel. 604.689.7644
Email: info@almadenminerals.com
http://www.almadenminerals.com/
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