In an arbitration case, the International Chamber of Commerce ruled that Ecuador must pay $25m to Chilean state miner Codelco regarding disputes over the Llurimagua mining project, a major copper venture in northern Ecuador, as reported by Reuters.
Ecuador’s attorney general’s office has claimed that this sum represents a victory, as it is significantly less than Codelco’s original claim of $567.7m.
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In 2016, Codelco and Ecuador’s state miner Enami EP agreed to develop the Llurimagua project jointly.
Codelco then accused Ecuador of not fulfilling its obligations, including establishing a joint venture to operate the mine, in which Enami would hold a 51% stake and Codelco would hold the remaining 49% stake.
The Ecuador attorney general’s office stated that the ruling, which orders reimbursement of $25.3m, saves the state $540m and is considered “a resounding legal victory for Ecuador.”
Under the ruling, Enami EP will maintain full ownership and control of the Llurimagua project.
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By GlobalDataCodelco, however, also interprets the court’s decision as a win, noting that Ecuador was found to have civil responsibility for not adhering to agreements.
The company highlights that the court ruled against Ecuador for not negotiating in good faith and for failing to finalise the joint venture plans.
Codelco also emphasised that the court denied Ecuador and Enami EP’s request for the handover of geological information gathered by Codelco at Llurimagua, which remains the property of the Chilean miner.
The company is considering its next steps following the judgment.
In a separate legal action, Codelco initiated another arbitration process against Ecuador in 2022 with the International Centre for Settlement of Investment Disputes, which is still in progress.
In early July 2025, the Chilean Nuclear Energy Commission (CChEN) authorised Minera Tarar, a subsidiary of Codelco, to commence lithium extraction in the Salar de Atacama from 1 January 2031.
