Originally from the Journal of Damages in International Arbitration

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GLENCORE INTERNATIONAL A.G. AND C.I. PRODECO S.A. V. REPUBLIC OF COLOMBIA, ICSID CASE NO. ARB/16/6
AWARD, AUGUST 27, 2019

The Parties
Glencore International A.G. and C.I. Prodeco S.A. (the “Claimants”), Republic of Colombia (the “Respondent”)

Sector
Mining 

Applicable Treaty
Bilateral Investment Treaty between Colombia and Switzerland

Members of the Tribunal
Juan Fernando Armesto (President), Oscar M. Garibaldi (Claimants’ appointee), and J. Christopher Thomas (Respondent’s appointee)

I.  BACKGROUND 

The case concerns the acquisition of Prodeco, a mining company incorporated in Colombia by Glencore in 1995. Prodeco had at the time of Glencore’s acquisition a contract for coal mining exploration and exploitation with Carbocol, the Colombian governmental mining agency at the time (the “Mining Contract”).