Canadian Silver Company Files NAFTA Arbitration Request Against Mexican Government
Canadian silver mining company First Majestic Silver Corp. submitted a request for arbitration to the International Centre for Settlement of Investment Disputes on behalf of itself and its Mexican subsidiary, it said March 2. The company said good faith negotiations…
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with the Mexican government broke down, so First Majestic is seeking international arbitration. First Majestic said the Mexican government violated the terms of its Advance Pricing Agreement. The silver company said its grievance is based on Chapter 11 of the North American Free Trade Agreement during the 2010 to 2014 fiscal years. First Majestic said it instructed Arent Fox, its counsel in Washington, to begin the process under ICSID rules for convening an arbitration tribunal.