In a recent arbitration case, the International Chamber of Commerce has ordered Ecuador to pay $25m to Chilean state miner Codelco over disputes related to the Llurimagua mining project in northern Ecuador. This ruling comes after Codelco accused Ecuador of not fulfilling joint venture obligations.

Ecuador’s attorney general’s office views the $25m payment as a victory, significantly lower than Codelco’s initial claim of $567.7m. In 2016, Codelco and Ecuador’s Enami EP agreed to jointly develop the Llurimagua project, with Enami holding a 51% stake and Codelco a 49% stake.

The ruling orders Ecuador to reimburse $25.3m, saving the state $540m. Enami EP will retain full ownership of the Llurimagua project. Despite this, Codelco sees the decision as a win, as Ecuador was found to have civil responsibility for not adhering to agreements and not negotiating in good faith.

Following the judgment, Codelco is assessing its next steps. A separate arbitration process initiated by Codelco against Ecuador in 2022 is still ongoing. In July 2025, the Chilean Nuclear Energy Commission authorised Minera Tarar, a Codelco subsidiary, to begin lithium extraction in the Salar de Atacama from January 2031.

Read more at Yahoo Finance: Ecuador to pay Codelco $25m in Llurimagua copper mining dispute