International Tribunal orders Trafigura to pay US$ 42,500,000, plus interest, to a subsidiary of Southern Peaks Mining LP

In 2021, Ariana referred its SPA dispute with Urion to international arbitration at the Chamber of Commerce of Lima. The dispute arose out of breaches of certain tax related representations and warranties and Urion's duty to indemnify Ariana.

On 29 February 2024, the Arbitral Tribunal issued its award confirming that Urion had breached its contractual obligations and ruled that Urion has to pay Ariana US$ 42,500,000, plus interest. Under the terms of the SPA, no appeal is admissible.

Southern Peaks Mining LP's CEO, Mr. Adolfo Vera, commented on the Tribunal's decision:

“We are pleased that the Tribunal granted a proportion of our claims. With the assistance of our counsel team from Clifford Chance DC, we have achieved a satisfactory outcome and look forward to receiving prompt payment.”

For further information contact:

Adolfo Vera - Chief Executive Officer                        
Email: [email protected]