Costa Rica will not be required to compensate mining company Infinito Gold for the cancellation of the Crucitas mining project, the International Centre for Settlement of Investment Disputes ruled
The study warned of a "very probable" and "significant" affectation of aquatic ecosystems at Crucitas, which has been contaminated by mercury used by illegal mining groups to extract gold from the area.
Government officials pledged to evaluate available options to compensate 170 alleged former gold miners who claim they were evicted from the lands that are now part of Corcovado National Park.
Canadian mining firm Infinito Gold announced last week that it has secured funding from a lender to continue pursuing damages stemming from Costa Rica's cancellation of the firm's gold mining concession in 2011.
An appeals court called for a new trial against former Environment Minister Roberto Dobles for approving the controversial Infinito Gold mining project.
The Houston-based company, Minería Texas Colombia, known as MTC, is now the only foreign mining company in the treacherous world of Colombia's emerald trade.
Infinito Gold Ltd. listed more than $160 million in working capital deficit including loan principle and interest, according to a statement from the company published on the CNW press wire. “The Company has concluded that it will not be possible for it to continue operations,” the statement concluded.
