In compliance with the decree, NMM handed over the operation of the concessions to the Potosí administration within 30 days of their revocation.
On September 16, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Bolivia to pay approximately US$50 million in compensation for the expropriation of a mining investment. Between 20, Quiborax acquired 11 mining concessions, which were transferred to NMM.
(Quiborax) and Bolivian-incorporated Non-Metallic Minerals S. ) reduced the size of the reserve, and several mining concessions were requested and granted in the former reserve area.
Bolivia objected that the investments could not benefit from BIT protection as they were neither made nor operated in accordance with Bolivian law.
The tribunal reasoned that “ongoing illegality” in the operation of the investment could not affect the availability of BIT protections.
This led Potosí representatives to present bills to reverse was in force, and to annul the mining rights of concessionaires that were liable to sanctions, reverting the concessions and non-metallic resources to the state.