Industrias Infinito files lawsuit against Costa Rica.
After issuing warnings of impending litigation for 10 months, Canadian firm Industrias Infinito has filed a case against Costa Rica before the International Centre for Settlement of Investment Disputes (ICSID). The firm argues that Costa Rica violated the terms of a trade agreement with Canada when it stopped a mining operation in Crucitas. Work had been halted since November of 2010.
The firm is looking for $94 million in actual damages, and is leaving open the possibility of arbitration. Experts say the chance of reopening the project is almost zero, since an administrative court has ruled against the project. In previous months the firm said it had forgone $1 billion in revenue after stopping the project.