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(qCOSTARICA) The Canadian mining firm, Infinito Gold, says it has ceased operations in Costa Rica and requested the temporary suspension of arbitration over the failed Crucitas gold mine concession.

The company said that it has asked the International Centre for Settlement of Investment Disputes (ICSID) temporarily suspend the arbitration process against Costa Rica – for which it demanded US$94 million dollars – while seeking a solution to their financial situation.

Last year, the Calgary based company filed a Request of arbitration in its protracted dispute with the government of Costa Rica over the cancellation of the concession for the Crucitas gold mine, revoked in 2010 following environmental concerns and other legalities.

Infinto had threatened to sue Costa Rica for US$1 billion dollars.

The company’s financial situation led to the decision.