© Reuters.
MEXICO CITY (Reuters) – Mexico has been hit by three sets of commercial arbitration proceedings in the past few days, according to the International Center for Settlement of Investment Disputes (ICSID).
Majestic first silver (NYSE:) and Silver Bull Resources. Both Canadian companies, as well as US food company Arbor Confections, have filed cases against Mexico, ICSID said in brief statements released between Thursday and Friday.
All actions were based on the North American Free Trade Agreement (NAFTA) and the United States, Mexico and Canada Agreement (USMCA), which replaced NAFTA. The data did not specify what kind of compensation the companies are seeking.
In June, Silver Bull said it would likely soon file a request for arbitration against Mexico over its Sierra Mojada project for a claim of at least $178 million.
Arbitration magazine CIAR Global said the Arbor Confections claim relates to a lease of an industrial warehouse in the border city of Ciudad Juarez. The company could not be reached for comment.
In 2021, First Majestic said it had initiated arbitration proceedings against Mexico following a tax dispute. It was not clear if and how the last filing was related to this case. The company did not immediately respond to a request for comment.
President Andrés Manuel López Obrador’s administration has sought to tighten state control over natural resources and the energy market, sparking trade disputes with the United States and Canada over the energy sector and corn.