Montauk Metals Announces Arbitration Decision in Claim Against Colombia

Montauk Metals Inc. (TSXV:MTK) has disclosed the ruling of the International Centre for Settlement of Investment Disputes (ICSID) Arbitral Tribunal. The ruling was against Montauk regarding its arbitration claim against the Republic of Colombia. Montauk had sought compensation for losses related to its Reina de Oro project following Colombia's mining prohibition in páramos.

While the company disagrees with the decision, it notes the favorable ruling on costs. Colombia was denied any award of costs and ordered to reimburse Montauk $504,000. Montauk is reviewing the decision with legal advisors to evaluate its options and will provide updates as developments occur.