24/7 Market News- Odyssey Marine Exploration Wins $37.1M NAFTA Arbitration Case

September 18, 2024

DENVER, Colo., Sep 18, 2024 (247marketnews.com)- Odyssey Marine Exploration (NASDAQ: OMEX) reported receiving notification from the International Centre for Settlement of Investment Disputes (ICSID) of the arbitral award on the claims involving Odyssey and its subsidiary, Exploraciones Oceánicas, against Mexico, which orders Mexico to pay US$37.1 million for breaching its obligations under NAFTA, plus interest, arbitrators’ fees, and ICSID administrative costs.

Odyssey expects that the award proceeds will be used to satisfy its litigation financing obligations.

Mark Gordon, CEO and Chairman of the Board of Directors of Odyssey Marine Exploration, commented, “The ruling today validates our position that Mexico’s environmental agency SEMARNAT wrongfully denied our environmental permit, which received extensive input from external advisors and industry experts to determine an economically feasible and environmentally responsible development plan. The project remains strategically significant and commercially viable.

“We are poised to continue advancing our projects globally, while also collaborating with nations interested in exploring their underwater mineral resources to meet the escalating demand for critical minerals. Our focus remains on minerals that offer solutions to pressing global challenges, such as mitigating carbon emissions through renewable energy adoption and enhancing fertilizer accessibility to support an ever-growing global population.”

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