Mayaniquel is reportedly filing a $100 million arbitration claim against Guatemala

Local media reported that shareholders of mining company Mayaniquel want to initiate international arbitration against Guatemala, citing the government’s failure to approve the export permit.

The formal notification of the international lawsuit was filed with the Ministry of Economy (Mineco) on June 13 and the procedure states that there is a six-month window for arbitration.

If an agreement is not reached within that time, the case could move to arbitration, Estuardo Asturias, the company’s corporate affairs director, said in a statement to local media.

Asturias also said during a news conference that the majority shareholder behind the arbitration effort was Swiss commodities trading company Telf AG. Meanwhile, Mineco later clarified that the request for consultations and arbitration was submitted by International Metal Supply Holding on behalf of its Guatemalan subsidiary Mayaniquel.

According to Prensa Libre, the claim is for approximately $100 million, plus additional legal costs.

Although Mayaniquel’s mining license was reactivated by the Ministry of Energy and Mines (MEM) in August 2024, the company remains unable to resume operations as 70% of the mined material is destined for shipment abroad and the export permit has not yet been granted, so Mayaniquel claims.