LegalMay 21, 2026, 07:07 AM
Almaden Seeks $2.68B in Damages from Mexico Arbitration
AI Summary
Almaden Minerals Ltd. provided an update on its international arbitration proceedings against the United Mexican States, announcing an increased damages claim of US$2.68 billion. The claim, pursued with Almadex Minerals Ltd., stems from Mexico's alleged illegal acts leading to the complete loss of the Ixtaca precious metals project, including the arbitrary denial of an environmental permit and the retroactive cancellation of mineral concessions. The Claimants have filed their Reply, and the next steps include Mexico's Rejoinder in August 2026 and an in-person hearing in December 2026.
Key Highlights
- Almaden and Almadex now seek US$2.68 billion in damages from Mexico in international arbitration.
- The claim is under the CPTPP for the complete loss of the Ixtaca precious metals project.
- Reasons include Mexico's denial of environmental permit, suspension of mineral concessions, and retroactive cancellation of titles.
- The Claimants filed their Reply to Mexico's Counter-Memorial, addressing arguments and outlining breaches.
- Mexico is scheduled to file its Rejoinder in late August 2026, with an in-person hearing in December 2026.
- The arbitration is funded by a US$9.5 million non-recourse litigation agreement.
Price Impact
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