tag:blogger.com,1999:blog-5932891039917265217.post2290624199350758937..comments2023-10-25T09:46:47.462-04:00Comments on Building a New El Salvador Today: A new environment towards miningSHARE Foundationhttp://www.blogger.com/profile/00702552278356651914noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5932891039917265217.post-62288652287293343102010-05-26T12:33:37.724-04:002010-05-26T12:33:37.724-04:00I recently came across your blog and have been rea...I recently came across your blog and have been reading along. I think I will leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.Lots in Costa Ricahttp://www.lots-in-costarica.com/noreply@blogger.comtag:blogger.com,1999:blog-5932891039917265217.post-315392961225312622009-04-08T16:54:00.000-04:002009-04-08T16:54:00.000-04:00Here’s an overview of the situation between Pacifi...Here’s an overview of the situation between Pacific Rim and the government of El Salvador, and why Pacific Rim hasn’t begun arbitration yet:<BR/><BR/>The Salvadoran government gave Pacific Rim exploration rights over El Dorado, allowing Pacific Rim to survey the land but not allowing them to begin extracting any minerals. Having found significant deposits, Pacific Rim asked the government for extraction rights, which the government denied due to strong civil resistance. <BR/><BR/>On December 9, 2008, Pacific Rim filed a Notice of Intent (NOI) to arbitrate against the Salvadoran government under CAFTA-DR. Pacific Rim argues that as a foreign investor under the free trade agreement, the government is required to give them extraction rights. Pacific Rim and the Salvadoran government have 3 months from the date of the NOI to solve the dispute amicably before going before judges. <BR/><BR/>During his presidency, Saca said he would not grant extraction rights until he knew what the full environmental implications would be. Recently, he unambiguously stated that he would not grant an extraction permit to Pacific Rim, saying he would rather pay the CAFTA arbitration suit than grant the permit. Further, he said that giving exploration rights does not mandate the government to give an extraction permit. <BR/><BR/>Pacific Rim has budgeted several million dollars for arbitration proceedings, and seeks compensation for:<BR/>-The money Pacific Rim has spent in El Salvador <BR/>-The loss of potential profits<BR/>-Costs associated with the arbitration proceedings<BR/>-Pre and post award interest on all claims.<BR/><BR/>The three month period for an amicable resolution ended on March 9, 2009, meaning Pacific Rim now has the ability to commence arbitration proceedings. In a press release in February, Pacific Rim said it would freeze spending on its feasibility study in El Dorado until the markets stabilize. The economic climate has made prices artificially low for capital and labor. CEO Tom Shrake said, “We see no need to spend precious capital to complete a study with an already invalid cost basis. We will wait for clarity on the timing of our permit and stabilization of the prices for capital and operating inputs.” Additionally, Pacific Rim’s quarterly fiscal reports reveal that it has been operating at a loss according, so its financial situation is not conducive to a multimillion dollar suit. <BR/><BR/>- Leslie O'Bray, SHARE Grassroots Education and Advocacy InternSHARE Foundationhttps://www.blogger.com/profile/00702552278356651914noreply@blogger.comtag:blogger.com,1999:blog-5932891039917265217.post-89867660759185513512009-04-06T21:09:00.000-04:002009-04-06T21:09:00.000-04:00"While the company can now legally arbitrate under..."While the company can now legally arbitrate under CAFTA for the rights, it is refraining to do so until the economic situation improves."<BR/><BR/>I'm confused about what you're trying to say here. Could you explain more about why they are refraining to arbitrate under CAFTA rights in your opinion?Anonymousnoreply@blogger.com