The Singapore International Arbitration Centre administered in August a case involving a US$463 million mining project in the Philippines, which saw Singapore's Senior Counsel Davinder Singh leading a team for the winning Australian party.
RTG's board said:"This will see Mt Labo's percentage interest in the project rise from 58 per cent to 100 per cent once the formalities are completed, and the award is a resounding vindication of Mt Labo's position." The tribunal in the 2-1 decision also dismissed all of Galeo's counterclaims and ordered Galeo to pay damages of about US$18.6 million and legal costs, including the tribunal's fees of about $7.45 million.The dispute involved a mining project in Luzon that was to be developed in a joint venture between Mt Labo and Galeo based on a contract. But the project soured and in 2017, Mt Labo cancelled a settlement agreement and sought arbitration at the SIAC before a tribunal.
"The resolution of this matter by the tribunal has been timely, with many in the Philippines now acknowledging a desire to refocus on the mining industry to assist in restimulating the Philippine economy after the effects of the Covid-19 pandemic," said the RTG board.
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