Peru faces a debt of more than US$67 million with the Canadian mining company Lupaka Gold Corp., after the award becomes final arbitral issued by the International Center for Settlement of Investment Disputes (ICSID).
This situation occurs because the country did not request the annulment of the ruling within the established period, since it had 120 days to request the cancellation of the payment, but said period expired on October 28. It should be noted that this award was issued on July 30 and the established debt would continue to grow due to the application of interest of 9% annually.
The arbitration had its origin in 2018, when the Invicta gold project (of Invicta Mining Corp., a subsidiary of Lupaka) was paralyzed after blockades that prevented access to the operation. At the time there was even talk that the protesters forcibly took over the camp and some offices. For the company, the country’s authorities did not act effectively to protect the mine or restore order in the area.
It should be noted that until that date, the mine had already developed more than 3,000 meters of underground tunnels and built a 29-kilometer highway. For this reason, the company claimed compensation of more than US$100 million.
MORE ARBITRATIONS
According to information from the Lima Chamber of Commerce, until December 30, 2025, Peru had 21 international arbitration cases open. All of these were presented by companies that demanded non-compliance by the country.
Meanwhile, the Columbia Court in the United States declared Peru in default for not complying with the award in favor of Kuntur Wasi for the International Airport of
Chinchero.
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