An expert team from Charles River Associates was retained on behalf of the United Mexican States in Silver Bull Resources, Inc. v. United Mexican States, ICSID Case No. ARB/23/24, a treaty arbitration arising from Silver Bull’s investment in the Sierra Mojada silver and zinc mining project in Mexico.
Silver Bull originally sought damages of approximately US$408 million, later reduced to US$375 million (including interest), in connection with alleged breaches of NAFTA and USMCA protections.
The tribunal dismissed the claims and no damages were awarded. Dr. Tiago Duarte-Silva served as damages expert for Mexico, supported by Michelle Sandoval Siman, Jacob Marin-Thomson, and Dr. Zawadi Lemayian. The team provided damages and valuation analysis addressing Silver Bull’s claimed losses.
The case adds to CRA’s experience assisting sovereign states and investors in high-value mining, natural resources, and investment treaty arbitrations.
