ICSID Tribunal awards Prodeco’s main claims and establishes that Colombia should pay an amount in excess of US$20 million
Tuesday 27 August 2019. The dispute arose in connection with an Amendment to the mining contract for the Calenturitas mine, signed in 2010 between Prodeco and Ingeominas. In 2015, the General Comptroller stated that said Amendment was detrimental to Colombia and thus ordered Prodeco to pay approximately US$19.1 million as an alleged fiscal liability for calendar year 2010. Read more.
Pursuant to the revision of its mining operation, it has been necessary for the Prodeco Group to identify options to improve its business processes within the coal market current environment. Read more
WE’LL BUY MORE CARBON CREDITS TO MITIGATE CLIMATE CHANGE
The Prodeco Group announced a second purchase of 1,200,000 carbon credits from REDD+ Projects to continue with its strategic plan for the protection of natural resources and to avoid global warming.
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