According to ‘The Korea Economic Daily’, Korea Mine Rehabilitation and Mineral Resources Corp. (Komir), which has a 10% ownership in Minera Panamá, SA, plans to make a legal claim against Panama for $747 million.
Korea Mine Rehabilitation and Mineral Resources Corp. (Komir), a government-funded entity, is planning to take legal action against Panama for $747 million (1 trillion won) due to the shutdown of the Cobre Panamá mine in Colón province, where they have a 10% ownership.
According to The Korea Economic Daily, Komir is looking to receive payment through a process of international arbitration called investor-state dispute settlement (ISDS).
In 2009, Komir purchased a 10% stake in Minera Panamá, a subsidiary of Canadian company First Quantum Minerals.
Because the Panama Supreme Court deemed the contract between the Panamanian government and the mining company as unconstitutional, operations at the mine must come to a halt.
The Korean newspaper stated that Komir will seek representation from the prominent law firm Kim & Chang for international arbitration.
