For the alleged Champions Mining concessions for the project Sonora LithiumCadence Minerals and its subsidiary REM México Limited (RMML) have issued a request for consultations and negotiations to Government of Mexicothe company stated in a launch.
“The request refers to the alleged Champions “Mining concessions for the Sonora Lithium Project by the Directorate General of Mines of Mexico as announced by Cadence on August 31, 2023, and related acts and omissions by Mexico.”
Moreover, they were considered to have been identified Commitments I was raped By Mexico in the bilateral treaty, including not to illegally expropriate investments from the United Kingdom.
As well as warranty for companies such as Rhythm and REMML to treat investments fairly and equitably.
However, the affected privileges also include Granted To Mexilit and Minera Megalit, the same two companies in which Cadence holds a 30% stake through REMML.
Requesting consultations is a prior process Control It has been considered in a bilateral investment treaty between the United Kingdom and Mexico in which a solution to the controversy is sought.
“Cadence and REMML have requested consultations and negotiations with them Mexico In order to resolve the dispute amicably,” the British company explained.
However, he also warned that the treaty “provides for this Disputes It will be resolved through international arbitration if it cannot be resolved through consultation and negotiation.
For this process, Cadence and REMML appointed Lawyers Clifford Chance International, which has a team specialized in arbitration cases related to mining-related investment treaties.
“The Clifford Chance team has many years of experience in this field Control of mining-related investment treaties and has successfully resolved similar issues in the past. With their guidance, we hope a constructive solution can be found,” Cadence CEO Kiran Murzaria said.
The Litio Sonora project consists of nine previously awarded concessions Government Mexican, two of which, La Ventana and La Ventana 1, belong to subsidiaries of Ganfeng Lithium Group.
Meanwhile, SAUZ and SUS 1 and 2 Privileges Owned by Ganfeng Lithium with a 70 percent stake and the rest RhythmThe same is happening with the El Buenavista and San Gabriellas franchises, where Cadence is involved in investments through Mexlit and Megalit.
The project has value $802 million It is estimated to produce 35 thousand tons annually of battery-grade lithium carbonate (Li2CO3).
As of the close of this edition, the Government of Mexico has not issued a decision position About this advisory notice.
With information from EFE
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