Arbitration Mexico

Almaden Files US$2.68 Billion Damages Reply in CPTPP Arbitration Against Mexico

Published 2026-06-07 2 sources Arbitration Cptpp International Centre Settlement Investment Disputes Investment Disputes Mexico Mining Sector Mexico

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TL;DR

  • Almaden filed a Reply seeking US$2.68 billion in damages in CPTPP arbitration with Mexico.
  • The case concerns cancellation of concessions for the Ixtaca precious metals project.
  • The next major hearings are scheduled for December 2026 in Washington D.C.
  • Arbitration is being conducted under ICSID with third-party litigation funding.

Overview

Almaden Minerals Ltd., alongside Almadex Minerals, has submitted an updated damages Reply seeking US$2.68 billion in ongoing international arbitration against the Mexican government under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The dispute arises from Mexico's cancellation of mineral concessions related to the Ixtaca gold and silver project.

What Happened

Almaden and Almadex have filed their Reply in response to Mexico's December 2025 Counter-Memorial in the CPTPP arbitration.

The Reply includes updated expert reports reflecting precious metals price movements, supporting the claim for US$2.68 billion in damages.

The dispute concerns Mexico's alleged arbitrary denial of environmental permits, retroactive cancellation of mineral titles, and suspension of rights without Indigenous consultation, following the Mexican Supreme Court's order.

Arbitration is being conducted at the International Centre for Settlement of Investment Disputes (ICSID), with Almaden's claim supported by a US$9.5 million litigation finance agreement.

Key upcoming milestones include Mexico's Rejoinder expected by August 2026, and an in-person merits hearing scheduled for December 14-18, 2026, in Washington D.C.

Context

The Ixtaca project, originally fully owned by Almaden and subject to a 2% royalty to Almadex, was halted and its concessions cancelled following Mexican court and regulatory actions.

The root of the dispute is a lawsuit by a local ejido (communal landholding) challenging lack of Indigenous consultation prior to granting mineral titles.

The Mexican Supreme Court ruled that while the mining law was not unconstitutional, required consultation was not conducted before issuing Almaden's titles, resulting in their suspension.

Almaden sought to facilitate Indigenous consultations, but subsequent government actions cancelled the titles outright, prompting the arbitration under CPTPP.

Why It Matters

  • The case is a prominent example of investor-state arbitration under trade agreements, highlighting Indigenous rights issues and regulatory risk in extractive industries.
  • A high-value claim of US$2.68 billion could have financial implications for both parties and impact future resource investments in Mexico.
  • The proceedings test the CPTPP's investor protection mechanisms and due process standards, particularly regarding expropriation and fair treatment.

Sources

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