In recent news, Berkeley has taken legal action against Spain through the International Center for Settlement of Investment Disputes (ICSID), a branch of the World Bank. This follows the rejection of Australian company’s plans to exploit a uranium mine in Retortillo, Salamanca by the Spanish government. The decision was made after more than a year of negotiations with the government which were unsuccessful.
In November 2021, Berkeley sent a letter to Spanish President Pedro Sánchez and Minister for the Ecological Transition Teresa Ribera, requesting negotiations to resolve the impasse. However, the request was rejected by the government. The letter served as a necessary first step in the arbitration process, notifying the other party of the intention to pursue arbitration. After three months of negotiation period expired without a response from the government, Berkeley decided to move forward with arbitration.
The potential cost of this arbitration could be significant and may be one of the most expensive initiated against Spain during Pedro Sánchez’s term. Berkeley estimates that it has invested around 100 million euros in the Retortillo project and values the Salamanca deposit at nearly 500 million euros. The company is committed to seeking resolution through the arbitration process.
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