Canadian mining company Pacific Rim says it will seek international arbitration to recover losses stemming from its inability thus far to secure Salvadoran government permits for what would be the country’s biggest gold-mining venture ever. The company, which alleges foot-dragging by the government of President Tony Saca, suspended feasibility studies in February for an underground gold mine in the Cabañas region of eastern El Salvador. It says it has invested nearly US$80 million on exploration since it received a pre-feasibility permit in 2005. Pacific Rim’s differences with authorities will likely persist in the wake of El Salvador’s March 15 presidential election. Like Saca of the right-wing Arena party, President-elect Mauricio Funes, a former CNN en Español TV journalist who... [Log in to read more]
