OceanaGold loses compensation claim against El Salvador

OceanaGold has lost a claim seeking some $284-million in compensation from El Salvador for failing to issue permits allowing it to dig a gold mine in the Central American country, according to an arbitration decision announced on Friday. The World Bank's International Centre for Settlement of Investment Disputes (ICSID) found in favour of El Salvador, OceanaGold said in a press release, and the government was awarded $8-million to cover legal costs for the claim, first brought by Vancouver-based Pacific Rim Mining in 2009.