LatinNews Daily - 05 June 2026

*Mexico’s economy ministry (SE) has announced that Mexico has won an international arbitration case before the World Bank’s International Centre for Settlement of Investment Disputes (Icsid) against Canada-based mining firm Silver Bull Resources. Silver Bull initiated the arbitration proceedings in June 2023 under the US-Mexico-Canada Agreement (USMCA) and its predecessor, the North America Free Trade Agreement (Nafta), claiming more than US$315m from the Mexican State. Silver Bull argued that, through its local subsidiary Minera Metalín S.A. de C.V., it had acquired several mining concessions between 1996 and 2002 in Sierra Mojada municipality, Coahuila state. According to the company, since September 2019, a local mining company, allegedly with the support of local authorities, had prevented the development of one of its mining projects. In response, the Mexican government argued that authorities in Coahuila had “acted reasonably in the face of the social conflict provoked by Silver Bull with inhabitants of Sierra Mojada” and that Silver Bull “did not have the technical and financial capacity required to carry out the project”. The arbitration tribunal unanimously ruled in favour of Mexico on 29 May. In its decision, the court rejected the allegation that the Mexican government had promoted the blocking of the project and dismissed all of Silver Bull’s claims in their entirety, citing a lack of jurisdiction given the expiration of Nafta in 2020. The court also ordered Silver Bull to reimburse Mexico US$998,000 for arbitration expenses and costs. The SE said that this represented “a highly important victory that strengthens legal certainty in terms of international investment”. Silver Bull stated it “strongly disagrees” with the court’s decision, which it is analysing with its legal advisers to evaluate its options, including challenging the decision through the annulment process prescribed by the Icsid Convention.

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