Junior Mining Network | 18 September 2017
Bear Creek Mining: Santa Ana arbitration proceedings officially closed by tribunal; award decision expected by January 2018
Bear Creek Mining Corporation (TSX Venture: BCM) ("Bear Creek" or the "Company") announces that the Tribunal hearing the Company’s Santa Ana ICSID arbitration claim (the "Arbitration") has o-cially closed proceedings in the case. As such, no further testimony or exhibits will be submitted to the Tribunal by either the Company or the Republic of Peru and according to ICSID Arbitration Rules, the Tribunal now has 120 days in which to issue the -nal award.
"We are extremely pleased to know that the Tribunal will be in a position to issue its award in our Santa Ana Arbitration now that it has closed the proceedings," states
Andrew Swarthout, President and CEO of the Company. "It has been a long and arduous process of negotiation and legal action to recover damages suffered by Bear Creek and its shareholders when the government of Peru issued Supreme Decree 032 in June 2011, extinguishing our investment in the Santa Ana Project. We maintain that Peru’s actions constituted an unlawful expropriation, were unfair and unjusti-ed, and not only damaged the Company but also the communities in the Santa Ana area by denying them signi-cant opportunities that the development of this project would have brought. We and our legal counsel remain con-dent in the merits of our case and we look forward to the outcome of the Arbitration in the next few months."
Information related to the Arbitration, including procedural orders, written submissions and details regarding the hearings, is available to the public at https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/14/21 (https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/14/21) and a comprehensive summary of the history of the Santa Ana dispute is provided in the Company’s Annual Information Form dated April 19, 2017 (available at https://bearcreekmining.com/investors/annual-information-form/ (https://bearcreekmining.com/investors/annual-information-form/).
