LatinNews Daily - 07 August 2020

* The Uruguayan government has announced that it has won a multi-billion-dollar trial at the United Nations (UN) Commission on International Trade Law, against mining company Minera Aritirí, the Uruguayan subsidiary of United Kingdom-based Zamin Ferrous. The lawsuit, filed in 2018 by three investors in Minera Aratirí, alleged that by passing mining legislation that affected the company’s iron ore mining project in the Durazno department, the Uruguayan government had violated the Treaty of Protection and Promotion of Investments between Uruguay and the United Kingdom, and sought compensation for Minera Aratirí of US$3.5bn. In a statement, Uruguay’s government said that the UN arbitration council had rejected the complaints against the government, finding that at the time, the plaintiffs were not in fact owners of an asset protected under the treaty, and so lacked legitimacy. The plaintiffs were ordered to pay the US$4.1m in legal costs incurred by the Uruguayan government during the case.

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