Mexico City, Mexico — Mexico’s Ministry of Economy has reported on its position on the publication of the final award in the case initiated by a subsidiary of Vulcan Materials Company
The Government of Mexico reports that the final award issued by the Arbitral Tribunal in the case initiated by Legacy Vulcan LLC, a subsidiary of Vulcan Materials Company, before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), is now public and can be consulted on the organization’s official website.
Therefore, any interested party has access to the decision without intermediaries or biased interpretations.
The Mexican government emphatically states that it does not share the view expressed by the company in its press release and refers to the public text of the Award as the only source that accurately reflects the Tribunal’s decision.
It is incorrect to assert that the controversy resolved by the Tribunal extends “beyond” the Vulcan case. As a simple example, such a statement ignores the fact that Mexico is the primary destination for investment from the United States.
In any case, the Arbitration Award speaks for itself. Of the measures claimed by Legacy Vulcan, only one was deemed inconsistent with NAFTA and, therefore, liable to give rise to a compensation obligation. The amount recognized by the Tribunal represents less than 1% of the maximum amount claimed by the company.
In any case, the Mexican government maintains an open dialogue with the company, within the framework of mutual respect and legality. At the same time, and regardless of any legal actions that may be filed after the issuance of the award, Mexico will continue to firmly defend its sovereignty and natural resources.
