Infinity Gold Mining Inc., a Canadian gold mining company, said today that it would sue Costa Rica for CA$1.92 billion for breaching a franchise agreement in northern Costa Rica.
Yokebec Soto, company spokeswoman, said that the head office would sue Costa Rica at the International Centre for the Settlement of Investment-Related Differences (ICSID), a World Bank Group member.
The decision was taken after the expiration on Friday of a six-month period to reach a negotiated agreement, which is stipulated by an investment treaty between Canada and Costa Rica, Soto said.
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A mining franchise was granted in 2008 by former President Oscar Arias (1986-1990/2006-2010) and was canceled by a Costa Rican court in November 2010.
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